Brandon Company is contemplating the purchase of a new piece of equipment for $47,000. Brandon is in the 30% income tax bracket. Predicted annual after-tax cash inflows from this investment are $20,000,$10,000,$12,000,$6,000 and $5,000 for years 1 through 5 , respectively. The firm uses straight-line depreciation with no residual value at the end of five years. Assume that the hurdle rate for accepting new capital investment projects for the company is 4%, after-tax. (Note: PV $1 factors for 4% are as follows: for year 1= 0.962 , for year 2=0.925, for year 3=0.889, for year 4=0.855, for year 5=0.822; the PV annuity factor for 4%,5 years =4.452.) At an after-tax discount rate of 4%, the estimated PV (present value) payback period, in years (rounded to two decimal places) is: Multiple Choice 3.28 years. 4.66 years. 3.89 years. 4.28 years. More than 5 years