Quip Corporation wants to purchase a new machine for $288,000. Management predicts that the machine will produce sales of $184,000 each year for the next 8 years. Expenses are expected to include direct materials, direct labor, and factory overhead (excluding depreciation) totaling $79,000 per year. The firm uses straight-line depreciation with an assumed residual (salvage) value of $50,000. Quip's combined income tax rate, t, is 40%. What is the payback period for the new machine (rounded to the nearest one-tenth of a year)? Assume that the after-tax cash inflows occur evenly throughout the year. 4.1 years. 3.2 years. 3.8 years. 4.7 years. 3.5 years