Chee Corporation has gathered the following data on a proposed investment project: (Ignore income taxes in this problem.) Investment required in equipment $590,000 Annual cash inflows $74,000 Salvage value $0 Life of the investment 16 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 6.0 years 8.0 years