hee Corporation has gathered the following data on a proposed investment project: (Ignore income taxes in this problem.) Investment required in equipment $600,000 Annual cash inflows $64,000 Salvage value $0 Life of the investment 15 years Required rate of return 6% 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: