Pillows Incorporated was considering an investment in the following project: Required initial investment Net annual after-tax cash inflow Annual depreciation expense (($900,000 - $160,000)/10 years) Estimated salvage value Life of the project in years $ 900,000 $ 161,000 $ 74,000 $ 160,000 10 Assume that cash inflows occur evenly throughout the year. The estimated payback period in years (rounded to one decimal place) for the proposed project is: Multiple Choice 3.3 years. 4.2 years. O O 5.4 years. 5.6 years. O 7.5 years