Alpha Mega Inc. is thinking about investing in a new piece of equipment at a total cost of $$237,000.$ The project will last $5$ years at which time the equipment will be worthless. Their financial analyst has determined the following positive net income will result from this investment $($NOTE: THIS IS NOT CASH!$).$

$-$Alpha Mega Inc uses a WACC of $6\mathrm{.}5\%$ to evaluate projects of this nature.What is the payback period for this project?

Payback $=,$ years rounded to $(4)x.$

Do not assume the same numbers as the last questions

Net income over years $1-5.$

Answer choices:

$3\mathrm{.}1060$ Years

$3\mathrm{.}1001$ Years

$3\mathrm{.}1037$ Years

$3\mathrm{.}1110$ Years

$3\mathrm{.}1074$ Years