Bramble Co. is considering purchasing a new piece of equipment that will cost $930700. The equipment has an estimated useful life of 10 years and no salvage value. The equipment will produce cash inflows of $227000 per year and net income of $89000 per year. Bramble requires a 12% rate of return. What is the payback period for this equipment?

10.00 years

5.10 years

4.10 years

10.46 years