Global Manufacturing Corp is considering purchasing a machine to improve its operational efficiency. The details for three potential machines are listed below. Assume all sales are cash transactions. Corporate income-tax rate is 28%. Interest on capital may be assumed to be 9%.

Particulars	Machine 1 (₹)	Machine 2 (₹)	Machine 3 (₹)
Initial investment	45,00,000	50,00,000	48,00,000
Estimated annual sales	8,00,000	7,50,000	8,50,000
Cost of production:
Direct material	70,000	65,000	80,000
Direct labour	60,000	55,000	70,000
Factory overhead	90,000	85,000	1,00,000
Administration cost	35,000	30,000	40,000
Selling & Distribution cost	25,000	22,000	30,000

The economic life of Machine 1 is 4 years while it is 5 years for the other two. The scrap values are ₹60,000, ₹50,000, and ₹55,000 respectively. You are required to identify the most profitable investment based on the payback period method.