Fitzgerald Company is planning to acquire a $294,000 machine that will provide increased efficiencies, thereby reducing annual cash operating costs by $66,000. The machine will be depreciated by the straight-line method over a four-year life, with no salvage value at the end of four years. Assuming a 20% income tax rate,t, and that cash flows occur evenly throughout the year, the machine's estimated payback period (rounded to two decimal places) is:

A. 5.89 years

B. 4.36 years

C. 5.49 years

D. 3.81 years

E. 3.89 years