please answer the following question

QUESTION 6 Answer the following questions based on the information supplied below. Note: Where applicable, use the present value tables provided in APPENDICES 1 and 2 that appear after QUESTION 6. 6.1 Calculate the Payback Period (expressed in years, months and days) (3 marks) INFORMATION Dunlop Limited has identified a new machine that it is considering for purchase. The machine would cost R500 000 excluding installation costs of R100 000. The machine is expected to have a useful life of five years. It is expecte that the new machine would generate cash receipts of R300 000 per year and its annual cash outflows would tota R110 000. At the end of year 3, the machine would require a major overhaul costing R100 000 (not included in th figures above). A scrap value of R50 000 (not included in the figures above) is anticipated. Depreciation calculated using the straight-line method. The cost of capital is 15%