Ataxia Fitness Center is considering an investment in some additional weight training equipment. The equipment has an estimated useful life of $12$ years with no salvage value at the end of the $12$ years. Ataxia's internal rate of return on this equipment is $5\%.$ Ataxia's discount rate is also $5\%.$ The payback period on this equipment is closest to $($Ignore income taxes.$)$:

Click here to view Exhibit $14$B$-1$ and Exhibit $14$B$-2,$ to determine the appropriate discount factor$($s$)$ using the tables provided.

Multiple Choice

$9\mathrm{.}963$ years

$8\mathrm{.}863$ years

$12$ years

$6$ years