An anticipated purchase of equipment for $400,000, with a useful life of 8 years and no residual value, is expected to yield the following annual net incomes and net cash flows: Net Cash Flow Year Net Income $110,000 1 $ 120,000 2345678 $ 110,000 $ 100,000 $ 70,000 $ 100,000 $ 70,000 $ 90,000 $ 30,000 $ 90,000 $ 30,000 $ 90,000 $ 30,000 $ 90,000 $ 30,000 $ 90,000 What is the cash payback period for this proposed investment in equipment? O3 years O 4 years 8 years 5 years