Manufacturing company spent $30,000 on a new conveyor belt. If the conveyor belt resulted in cost savings of $4500 per year, the length of time it would take for the company to recover its investment at 7% per year is closest to:

Select one:

a.

11 to 12 years

b.

13 to 14 years

c.

7 to 8 years

d.

9 to 10 years