40. Wright Corp. is considering the purchase of a new piece of equipment, which would have an initial cost of $1,200,000 and a 10-year life. There is no salvage value for the equipment. The increase in cash flow each year of the equipment's life would be as follows:

Year 1 $375,000

Year 2 $350,000

Year 3 $285,000

Year 4-10 $215,000

What is the payback period?