Goodman Woodworks Has Recently Purchased a New Saw Costing $14,000

Goodman Woodworks has recently purchased a new saw costing $14,000.Because of a revolutionary new cutting blade,the new saw will not cause the veneer to splinter and will make clean cuts.This clean cut will save the firm $1,200 each year that goes in wastage.Calculate the payback period for the $14,000 investment.

A) 1.67 years
B) 8.6 years
C) 11.67 years
D) 86 years
E) Cannot be calculated from the information provided