• GlobalTech Inc. is evaluating three new manufacturing machines. The details are as follows. The corporate tax rate is 30%, and the cost of capital is 8%.

Particulars	Machine X (₹)	Machine Y (₹)	Machine Z (₹)
Initial investment	6,00,000	4,50,000	5,00,000
Estimated annual sales	7,00,000	6,50,000	5,90,000
Cost of production:
Direct material	70,000	60,000	55,000
Direct labour	80,000	70,000	65,000
Factory overhead	90,000	80,000	75,000
Administration cost	40,000	35,000	30,000
Selling & Distribution cost	25,000	20,000	15,000

• The economic life of machine X is 3 years, while it is 2 years for the other two. The scrap values are ₹70,000, ₹40,000, and ₹30,000 respectively. You are required to find out the most profitable investment based on the payback period method.