Shields Company has gathered the following data on a proposed investment project: (Ignore income taxes in this problem.)

Investment required in equipment	$690,000
Annual cash inflows	$76,000
Salvage value	$0
Life of the investment	16 years
Required rate of return	6%

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:

0.1 years

1.0 years

7.1 years

9.1 years