Following is information pertaining to an investment made in an equipment by Dune Incorporation. Using the given information calculate the payback period of the investment. Round the answer to 2 decimal places. 15 years Initial Investment $225,000 Useful life Salvage value $12,500 Annual income from investment $17,300 Cost of capital 12% a. 11.11 years b. 8.14 years c. 12 years d. 13.01 years