A 5-year project requires a $25,000 investment in machinery that will be depreciated on a straight-line basis to a value of $0 over its 5 -year life. The project will have net income of $3,000 per year and operating cash inflows of $8,000 per year. What is the payback period? 2.7 years 5.7 years 1.7 years 2.0 years 1.1 years