A company is evaluating the cash flows of a new production line it would like to purchase. The new production line cost is $3,250,000, and the company projects positive cash flows of $945,000 per year. The company’s tax rate is 35%, and the cost of debt is 8%. How long will it take the company to recover the initial cost of the production line purchase? 3.16 years3.31 years3.44 years3.93 years