Newman Automobiles Manufacturing is considering two alternative investment proposals with the following data: Proposal X Proposal Y Investment $ 11 comma 000 comma 000 $ 600 comma 000 Useful life 5 years 5 years Estimated annual net cash inflows for 5 years $ 2 comma 200 comma 000 $ 103 comma 000 Residual value $ 56 comma 000 $ 29 comma 000 Depreciation method Straightminusline Straightminusline Required rate of return 14% 10% Calculate the payback period for Proposal X.

A. 5 years B. 10 years C. 8 years D. 4 year