A new piece of equipment costs $60,000. The company can get $6,000 for trading in their old machine. Follow is financial data relevant to the new machine: $24,000 revenue; $13,000 cash expenses; useful life 8 years; depreciation expense $5,500 per year. The payback period is: 4.91 years 5.45 years 10.91 years 9.82 years