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

Investment required in equipment	$500,000
Annual cash inflows	$82,000
Salvage value	$0
Life of the investment	16 years
Discount rate	9%

The payback period for the investment is closest to: (Round your answer to 1 decimal place.)

4.1 years

1.0 years

0.2 years

6.1 years