9. Hope Company is considering investing in a new manufacturing machine that would reduce production costs for its flagship product, Product Omega. The machine costs $500,000 and has a useful life of five years, after which it will have no residual value. The company expects the new machine to generate annual cost savings of $150,000. Calculate the payback period, net present value (NPV), and internal rate of return (IRR) for the investment in the new machine, assuming a discount rate of 10%. Discuss the strengths and limitations of each capital budgeting technique and provide recommendations to Hope Company based on your analysis.