Current Attempt in Progress The Novak Company is planning to purchase $521.900 of equipment with an estimated seven-year life and no estimated salvage value. The company has projected the following annual cash flows for the investment Projected Cash Year Flows $193,500 1 2 141,500 3 94,500 4 79,200 5 79.200 6 45,000 7 45,000 Total $677.900 (a) Calculate the payback period for the proposed equipment purchase Assume that all cash flows occur evenly throughout the year. months years and Payback period