The following data pertain to an investment proposal made to Burgers R Us:

Cost of equipment needed for investment	$18,000
Annual cash savings	$8,000
Annual depreciation on the equipment	$6,000

The payback period of the proposed investment is closest to:

a) 1.5 years

b) 2.3 years

c) 1.3 years

d) 3.0 years