PQR Textiles is planning to purchase a new machine to meet increasing demand. The details of three machines under consideration are given below. Assume all sales are on cash. The corporate income-tax rate is 38%. Interest on capital may be assumed to be 8%.

Particulars	Machine T(Rs)	Machine U(Rs)	Machine V(Rs)
Initial investment	3,60,000	3,80,000	4,20,000
Estimated annual sales	5,00,000	5,20,000	5,60,000
Cost of production:
Direct material	55,000	60,000	65,000
Direct labour	50,000	55,000	60,000
Factory overhead	70,000	75,000	80,000
Administration cost	15,000	18,000	20,000
Selling & Distribution cost	10,000	12,000	14,000

The economic life of Machine T is 4 years, Machine U is 3 years, and Machine V is 5 years. The scrap values are Rs.20,000, Rs.25,000, and Rs.30,000 respectively. Calculate the most profitable investment based on the payback period method