QUESTION 3 Newman Automobiles Manufacturing is considering two alternative investment proposals with the following data: Investment Useful life Residual value Depreciation method Proposal X $11,100,000 Proposal Y $570,000 5 years Estimated annual net cash inflows for 5 years $2,220,000 5 years $95,000 $54,000 Straight-line $27,000 Straight-line Required rate of return 12% 10% Calculate the payback period for Proposal X. O 4 years O 9 years 5 years O 10 years