Use the Following Information to Answer the Next Two Questions

Use the following information to answer the next two questions. The Slick Hotel is appraising the merit of a proposed investment in a vending machine with an eight year life. The investment will require an initial outlay of $22,000 and provide increased cash inflows of $24,000 per annum and generate increased cash outflows of $20,000 per annum. The vending machine will be sold off for $3,000 in eight year's time.
-What is the payback period for the vending machine investment?

A) 4 years and 9 months
B) 5 years
C) 5 years and 3 months
D) 5 years and 6 months
E) 5 years and 9 months