Cowell Corpotation is considering an investment in now equipment costing $160,000. The equipment will be depreciated on a straight-line basis over a five-year life and is expected to generate net cash inflow, at $40,000 the first year, $35,000 the second year, and $82,000 every year thereafter until the fifth year. What is the payback period for this investment? The equipment has no residual value. 3.04 years 3.26 years 4.04 years 2.51 years