(Ignore income taxes in this problem.) Vander Company is considering purchasing a machine that would cost $454,140 and have a useful life of 8 years. The machine would reduce cash operating costs by $84,100 per year. The machine would have a salvage value of $107,130 at the end of the project.
Required:
a. Compute the payback period for the machine. (Round your answer to 2 decimal places.)
Payback period years