You are considering purchasing a new injection molding machine. This machine will have an estimated service life of 10 years with a negligible after-tax salvage value. Its annual net after-tax operating cash flows are estimated to be $60,000. To expect a 15% rate of return on investment, what would be the maximum amount that should be spent on purchasing the injection molding machine?

a) $301,120

b) $600,000

c) $126,450

d) $234,645

Please only attempt if you can solve the question with a proper explanation. Please do not copy from Chegg.