The company is planning to acquire a new machine at a total cost of P360,000. The estimated life of the machine is six years with no salvage value. The straigh-line method of depreciation will be used. Fleming estimates that the annual cash flow from the operations, before income taxes, form using this machine amounts to P90,000. Assume that Fleming's cost of capital 623 is 8% and the income tax rate is 40%. The present value of P1 at 8% for six years is 0.630. The present value of P1 in arrears at 8% for six years is 4/623. What would be the payback period for the machine?