Ivanhoe, Inc. plans to purchase equipment with a cost of $142000. The company expects annual net cash inflows from the equipment of $32400. The equipment has an estimated life of 8 years, no estimated salvage life, and a required rate of return is 6%. The payback period for the equipment is closest to

1.0 year.

4.4 years.

1.5 years.

8.0 years.