Quip Corporation wants to purchase a new machine for $300,000. Management predicts that the machine will produce sales of $205,000 each year for the next 5 years. Expenses are expected to include direct materials, direct labor, and factory overhead (excluding depreciation) totaling $71,000 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 50%. Management requires a minimum of 10% return on all investments. what is the approximate present value payback period, rounded to one-tenth of a year? (Note: PV $1 factors for 10% are as follows: year 1-0.909; year 2-0.826; year 3 0.75% year 4-0.683; year 5-0.621, the PV annuity factor for 10%, 5 years-3.791) Assume that annual after-tax cash inflows occur evenly throughout the year. 3.1 years. 2.0 years 2.6 years 3.8 years. 1.5 years