Oriental Corporation has gathered the following data on a proposed investment project 14 BOOK Investment in depreciable equipment $ 690,000 Annual net cash flows $ 76,000 Life of the equipment 16 years Salvage value $ Discount rate 6% The company uses straight-line depreciation on all equipment. Assume cash flows occur uniformly throughout a year except for the initial Investment. The payback period for the investment would be (Round your answer to 1 decimal place.)