A piece of equipment costs $$34,000,$ and is expected to generate $$9,000$ of annual cash revenues and $$1,500$ of annual cash expenses. The disposal value at the end of the estimated $12-$year life is $$3,000.$ Ignoring income taxes, the payback period is:

Multiple Choice

$4\mathrm{.}13$ years.

None of these options is correct.

$3\mathrm{.}78$ years

$4\mathrm{.}53$ vears.