Use the following data for Questions 9 and 10. Antonio, Inc., has invested in new...

Use the following data for Questions 9 and 10.

Antonio, Inc., has invested in new production equipment at a cost of $24,000. The equipment has an estimated useful life of eight years. The estimated annual sales and operating expense related to the equipment are as follows:

The payback period of the investment in equipment is approximately

a. 3.0 years.

b. 4.0 years.

c. 4.8 years.

d. 8.0 years.