Plant Company is contemplating the purchase of a new plece of equipment for $45,000. Plant is in the 20% income tax bracket Predicted annual after-tax cash inflows from this investment are $18,000, $12,000, $5,000, $11,000 and $5,000 for years 1 through 5, respectively. The firm uses straight-line depreciation with no residual value at the end of five years. Assume that the hurdle rate for accepting new capital investment projects for the company is 4%, after-tax (Note: PV 51 factors for 4% are as follows: for year 1 = 0.962, for year 2 = 0.925, for year 3 = 0.889, for year 4 = 0.855, for year 5 = 0.822; the PV annuity factor for 4%, 5 years = 4.452.) At an after-tax discount rate of 4%, the estimated PV (present value) payback period, in years (rounded to two decimal places) is: Multiple Choice 4 67 years More than 5 years O 4.67 years. More than 5 years. ( ) 4.29 years. O 3.90 years. O 3.29 years