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Lila Limited is considering the purchase of a new machine for its manufacturing facilities. The purchase of the machine is expected to reduce operating costs. Presented below is the relevant cost and operating information relating to the new machine Initial Cost Installation Costs Useful Life Expected annual cash operating savings - years 1-10 Additional annual cash fixed costs $224998 $21508 10 years $59238 $12998 Assuming Lila Limited uses the payback method to evaluate capital expenditures, what is the payback period for this expenditure? Select one a. 4.87 years b. 3.44 years c.4.16 years d. 5.33 years