A piece of equipment costs $30,000, and is expected to generate $8,500 of annual cash revenues and $1,500 of annual cash expenses. The disposal value at the end of the estimated 10-year life is $3,000. Ignoring income taxes, the payback period is: Multiple Choice 6.98 years. None of these options is correct. 3.86 years. 3.53 years. 4.29 years