Please solve and explain:

(lgnore income taxes in this problem.) Overland Corporation has gathered the following data on a proposed investment project: $580,000 74,000 Investment required In equlpment Annual cash Inflows Salvage value of equlpment Life of the Investment Required rate of return 11 % 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 is: O 01 years 5.8 years 7.8 years 10 years