VWX Ltd. is considering the purchase of new machines to enhance production capabilities. The relevant financial details are outlined below. Assume a corporate tax rate of 34% and a capital interest rate of 8%.

Particulars	Machine 1 (Rs)	Machine 2 (Rs)	Machine 3 (Rs)
Initial Investment	12,00,000	13,00,000	14,00,000
Estimated Annual Sales	15,00,000	16,00,000	17,00,000
Cost of Production:
Direct Material	1,40,000	1,50,000	1,60,000
Direct Labour	1,50,000	1,60,000	1,70,000
Factory Overhead	1,70,000	1,80,000	1,90,000
Administration Cost	70,000	75,000	80,000
Selling & Distribution Cost	60,000	65,000	70,000

The economic life of Machine 1 is 4 years, while it is 5 years for the other two. The scrap values are Rs. 1,30,000, Rs. 1,40,000, and Rs. 1,50,000 respectively. Calculate the payback period to determine the best investment option.