(Ignore income taxes in this problem.) Chee Corporation has gathered the following data on a proposed investment project: Investment required in equipment Annual cash inflows Salvage value of equipment Life of the investment Required rate of return $240,000 $50,000 $0 8 years 10 % 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: 0.2 years 4.8 years 5.0 years 2.5 years