Ivanhoe Company is considering purchasing new equipment for $531,000. It is expected that the equipment will produce net annual cash flows of $59,000 over its 10-year useful life. Annual depreciation will be $53,100. Compute the cash payback period. (Round answer to 1 decimal place, e.g. 10.5.)

Cash payback period

enter the cash payback period in years rounded to 1 decimal place

years