Belmont Corp. is considering the purchase of a new piece of equipment. The cost savings from the equipment would result in an annual increase in net income after tax of $242,000. The equipment will have an initial cost of $762,000 and have an 6-year life. If there is no salvage value of the equipment, what is the payback period? O 1.91 years 02.07 years O 6.00 years 03.15 years