Sandhill Company is going to invest in a new product line. Sandhill estimates that the net cash flows from the new line will be $24500 per year. The initial investment required to implement the new line will be $563500. The company requires a rate of return of 8% and the new product line is expected to span a time period of 15 years. What is the payback period of the new product line?

31.0 years

1.5 years

15.0 years

23.0 years