8. (Ignore income taxes in this problem.) Rogers Company is studying a project that would have a ten-year life and would require an $800,000 investment in equipment that has no salvage value. The project would provide net operating income each year as follows for the life of the project: Sales $500,000 Less cash variable expenses 100,000 Contribution margin 400,000 Less fixed expenses: Fixed cash expenses $200,000 Depreciation expenses 80,000 280,000 Net operating income $120,000 The company's required rate of return is 8%. What is the payback period for this project? A) 3 years B) 6.67 years C) 2 years D) 4 years