Melborne Beach Park Department is considering a new capital investment. The following information is available on the investment. The cost of the machine will be $72,096. The annual cost savings if the new machine is acquired will be $20,000. The machine will have a 5-year life, at which time the terminal disposal value is expected to be zero. Melborne Beach Park is assuming no tax consequences. Melborne Beach Park has a 10% required rate of return. What is the payback period on this investment? 3 years 3.6 years 4.2 years 5 years