A company is considering a project with the following cash flows:

• Initial investment: $105,000
• Annual cash flows: $60,000 per year for 8 years
• Equipment refurbishment costs (at the end of 6 years): $21,000
• Salvage value of equipment (at the end of 8 years): $6,000

What is the Payback Period (in years) for this project? (Round to two decimal places.)

(Use the present values tables belowfor any present value calculations. Don't round intermediate calculations. Round your final answer to the nearest dollar.)

For reference, abbreviated versions of the present value tables from Chapter 12 are below. Use these tables for any present value calculations in the following questions.

Present Value of $1 received in n periods.
Periods	6%	7%	8%	9%	10%	11%	12%	13%	14%
1	0.943	0.935	0.926	0.917	0.909	0.901	0.893	0.885	0.877
2	0.890	0.873	0.857	0.842	0.826	0.812	0.797	0.783	0.769
3	0.840	0.816	0.794	0.772	0.751	0.731	0.712	0.693	0.675
4	0.792	0.763	0.735	0.708	0.683	0.659	0.636	0.613	0.592
5	0.747	0.713	0.681	0.650	0.621	0.593	0.567	0.543	0.519
6	0.705	0.666	0.630	0.596	0.564	0.535	0.507	0.480	0.456
7	0.665	0.623	0.583	0.547	0.513	0.482	0.452	0.425	0.400
8	0.627	0.582	0.540	0.502	0.467	0.434	0.404	0.376	0.351
Present Value of an ordinary annuity of $1 received at the end of the period for n periods.
Periods	6%	7%	8%	9%	10%	11%	12%	13%	14%
1	0.943	0.935	0.926	0.917	0.909	0.901	0.893	0.885	0.877
2	1.833	1.808	1.783	1.759	1.736	1.712	1.690	1.668	1.647
3	2.673	2.624	2.577	2.531	2.487	2.444	2.402	2.361	2.322
4	3.465	3.387	3.312	3.240	3.170	3.102	3.037	2.974	2.914
5	4.212	4.100	3.993	3.890	3.791	3.696	3.605	3.517	3.433
6	4.917	4.767	4.623	4.486	4.355	4.231	4.111	3.998	3.889
7	5.582	5.389	5.206	5.033	4.868	4.712	4.564	4.423	4.288
8	6.210	5.971	5.747	5.535	5.335	5.146	4.968	4.799	4.639