A piece of equipment costs $36,000, and is expected to generate $8,200 of annual cash revenues and $1,700 of annual cash expenses. The disposal value at the end of the estimated 11-year life is $1,000. Ignoring income taxes, the payback period is:

4.39 years.

5.38 years.

5.54 years.

6.44 years.

None of these.