Dragon Company is considering investing in new equipment that will cost $1,100,000 with a 10-year useful life. The new equipment is expected to produce annual net income of $85,000 over its useful life. Depreciation expense, using the straight-line rate, is $110,000 per year. What is the cash payback period, rounded to 1 decimal place?

Group of answer choices

10 years

5.6 years

5 years

None of the answers provided

12.9 years