MP Company has gathered the following data on a proposed investment project: (Ignore Income taxes in this problem.) $560,000 Investment required in equipment $82,000 Annual cash inflows Salvage value $0 16 years Life of the investment Required rate of return 9% The company uses straight-line depreciation. Assume cash flows occur uniformly throughout a year except for the initial investment. The payback period for the investment is closest to: Multiple Choice 0.1 years 0 O 10 years 0 48 years 0 0 6.8 years