(Ignore income taxes in this problem.) Copeland Corporation has gathered the following data on a proposed investment project:

Investment required in equipment	$	600,000
Annual cash inflows	$	64,000
Salvage value of equipment	$	0
Life of the investment		15	years
Required rate of return		6	%

The company uses straight-line depreciation on all equipment. Assume cash flows occur uniformly throughout a year except for the initial investment.

The payback period for the investment is:

0.1 years

1.0 years

7.4 years

9.4 years