At its inception, a project requires an investment in equipment of $$1,250,000.$ The project will produce annual after$-$tax operating cash flows of $$224,000$ for the next ten years. An additional $$380,000$ after$-$tax cash flow will be received from the sale of the equipment at the end of the project. The weighted average cost of capital is $11\%.$ The payback period for this project is Choose the range that includes the correct answer.

less than or equal to $5$ years

greater than $5$ years but less than or equal to $6$ years

greater than $6$ years but less than or equal to $7$ years

greater than $7$ years but less than or equal to $8$ years

greater than $8$ years