Quip Corporation wants to purchase a new machine for $300,000. Management predicts that the machine will produce sales of $200,000 each year for the next 5 years. Expenses are expected to include direct materials, direct labor, and factory overhead (excluding depreciation) totaling $80,000 per year. The firm uses straight-line depreciation with an assumed residual (salvage) value of $50,000. Quip's combined income tax rate, e is 40%, 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 1-0909; year 2-0 826; year 3-0.75% year 4 0683; 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 oints skipped Multiple Choice 36 3.0 years. points 4.8 years. 2.5 years 4.1 years. 3.6 years