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

Investment required in equipment	$	680,000
Annual cash inflows	$	66,000
Salvage value of equipment	$	0
Life of the investment		20	years
Required rate of return		7	%

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. 0.1 years

b. 8.3 years

c. 1.0 years

d. 10.3 years