Neptune Manufacturing Ltd is planning to invest in a new machine. The details of three machines are as follows. Assume all sales are cash-based. Corporate income-tax rate is 34%. Interest on capital may be assumed to be 9%.

Particulars	Machine P (₹)	Machine Q (₹)	Machine R (₹)
Initial investment	28,00,000	30,00,000	29,00,000
Estimated annual sales	6,50,000	6,00,000	7,00,000
Cost of production:
Direct material	50,000	45,000	60,000
Direct labour	40,000	35,000	50,000
Factory overhead	70,000	65,000	80,000
Administration cost	25,000	20,000	30,000
Selling & Distribution cost	15,000	12,000	18,000

The economic life of Machine P is 3 years while it is 4 years for the other two. The scrap values are ₹52,000, ₹42,000, and ₹47,000 respectively. You are required to determine the most profitable investment based on the payback period method.