Chee Corporation has gathered the following data on a proposed investment project: (Ignore income taxes in this problem.)

Investment required in equipment	$680,000
Annual cash inflows	$66,000
Salvage value	$0
Life of the investment	20 years
Required rate of return	7%

The company uses straight-line depreciation. Assume cash flows occur uniformly throughout a year except for the initial investment.

The payback period for the investment is closest to:

0.1 years

1.0 years

8.3 years

10.3 years