Ignore income taxes in this problem.) Your Company has just purchased a new piece of equipment, the cost characteristics of which are given below:

The company uses a required rate of return of 10% and depreciates equipment using the straight-line method.The payback period for the investment is:

purchase cost when new $30,000

annual cost savings $6,000

salvage value $0

life of the equipment 15 years

Just enter the number, not the word "years"

ENTER YOUR ANSWER WITHOUT DOLLAR SIGNS OR OTHER DISCRIPTIONS.