6 Joetz Corporation has gathered the following data on a proposed Investment project (Ignore income taxes.): Investment required in equipment $ 30, 000 Annual cash inflows $ 6,000 Salvage value of equipment $ 0 8 00:51:15 Life of the investment 15 years Required rate of return 10% The company uses straight-line depreciation on all equipment. Assume cash flows occur uniformly throughout a year except for the Initial investment. The payback period for the Investment Is: Multiple Choice 5 years Mc Graw Hill