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Answer (B) is correct . When annual cash inflows are uniform, the payback period is calculated by dividing the initial investment ($210,000) by the annual net cash inflows ($136,800). Dividing $210,000 by $136,800 produces a payback period of 1.54 years. The initial investment of $210,000 consists of the invoice price of $180,000, the delivery costs of $12,000, and the $18,000 of installation costs. The annual net cash inflows are calculated as follows:??The company will receive net cash inflows of $50 per unit ($500 selling price – $450 variable costs), a total of $200,000 per year for 4,000 units. For the first 5 years, a depreciation deduction of $42,000 per year ($210,000 cost ÷ 5 years) will be available. Annual taxable income will be $158,000 ($200,000 – $42,000). At a 40% tax rate, income tax expense will be $63,200, and the net cash inflow will be $136,900 ($200,000 – $63,200).

Answer (A) is incorrect because This number of years fails to subtract income taxes.
Answer (C) is incorrect because This number of years includes taxable income in the denominator instead of cash flows.
Answer (D) is incorrect because This number of years subtracts depreciation from cash flows.