24 Nelson Corp. is considering the purchase of a new piece of equipment. The cost savings from the equipment would result in an annual increase in cash flow of $104,000. The equipment will have an initial cost of $624000 and have a 7 year . If the salvage value of the equipment is estimated to be $79,000, what is the payback period? Ignore income taxes. (8000 6.75 years 6.00 years