Ivanhoe Company is considering purchasing new equipment for $$531,000.$ It is expected that the equipment will produce net annual

cash flows of $$59,000$ over its $10-$year useful life. Annual depreciation will be $$53,100.$ Compute the cash payback period. $($Round

answer to $1$ decimal place, e$.$g$.10\mathrm{.}5.)$

Cash payback period

years