Calculate the payback period of the first alternative (expressed in years, months and days)

The management of Torga Limited is considering two investment opportunities: The first alternative involves the purchase of new machinery for R1 200000 which will enable the company to modernise its production facility. The machinery is expected to have a useful life of five years and no salvage value is anticipated. On the day Torga Limited purchases the new machinery, it would also pay the supplier R60 000 for installation costs. The modernisation is expected to increase efficiency, resulting in a reduction in annual cash operating expenses of R380 000. The second alternative involves purchasing a truck. The truck costs R1 200000 . Its useful life is expected to The management of Torga Limited is considering two investment opportunities: The first alternative involves the purchase of new machinery for R1 200000 which will enable the company to modernise its production facility. The machinery is expected to have a useful life of five years and no salvage value is anticipated. On the day Torga Limited purchases the new machinery, it would also pay the supplier R60 000 for installation costs. The modernisation is expected to increase efficiency, resulting in a reduction in annual cash operating expenses of R380 000