JKL Inc. is considering purchasing a new machine to improve production efficiency. Three machines are under review. The details of estimated yearly expenditure and sales are provided below. All sales are on cash basis. Corporate income-tax rate is 28%. Interest on capital may be assumed to be 6%.

Particulars	Machine X (Rs)	Machine Y (Rs)	Machine Z (Rs)
Initial investment	4,50,000	3,75,000	4,00,000
Estimated annual sales	7,50,000	6,75,000	7,00,000
Cost of production:
Direct material	65,000	60,000	62,000
Direct labour	75,000	70,000	73,000
Factory overhead	85,000	80,000	83,000
Administration cost	28,000	26,000	27,000
Selling & Distribution cost	20,000	18,000	19,000

The economic life of machine X is 3 years, while it is 4 years for the other two. The scrap values are Rs. 65,000, Rs. 50,000 and Rs. 55,000 respectively. Calculate the most profitable investment based on the payback period method.