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 $216,000. The equipment will have an initial cost of $1,584,000 and have an 12-year life. If there is no salvage value of the equipment, what is the payback period? Multiple Choice 12.00 years 4.55 years 733 years 164 years