Newman Automobiles Manufacturing is considering two alternative investment proposals with the following data: Proposal X Proposal Y Investment $10,300,000 $600,000 Useful life 5 years 5 years Estimated annual net cash inflows for 5 years $2,060,000 $99,000 Residual value $58,000 $24,000 Depreciation method Straight - line Straight - line Required rate of return 13% 12% Calculate the payback period for Proposal X. O A. 4 years OB. 9 years C. 5 years D. 8 years