65. A company projects an increase in net income of $40,000 each year for the next five years if it invests $500,000 in new equipment. The equipment has a five-year life and an estimated salvage value of $50,000. The company uses the straight-line method of depreciation. What is the cash payback period? a) 5 years b) 3.56 years c) 3.85 years d) 3.57 years