Newman Automobiles Manufacturing is considering two alternative investment proposals with the following data: Proposal X Proposal Y Investment $10,700,000 $580,000 Useful life 5 years 5 years Estimated annual net cash inflows for 5 lyears $2,140,000 $103,000 Residual value $50,000 $26,000 Depreciation method Straight-line Straight-line Required rate of return 12% 13% Calculate the payback period for Proposal X. O 5 years 4 years years 8 years