Court Corporation is considering two alternative investment proposals with the following data: Investment Useful life Estimated annual net cash inflows for 8 years Residual value Depreciation method Required rate of return Proposal X $800,000 Proposal Y $463.000 8 years 8 years $120,000 $61,000 $60,000 SO Straight-line Straight-line 18% 9% How long is the payback period for Proposal Y? 7.59 years 13.27 years 7.68 years 6.67 years