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

Investment required in equipment	$	690,000
Annual cash inflows	$	76,000
Salvage value of equipment	$	0
Life of the investment		16	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:

A. 1.0 years

B. 0.1 years

C. 7.1 years

D. 9.1 years