Flexsteel Industries manufactures furniture for the retail, contract, and recreational vehicle furniture markets. The company is considering surchase of a new plece of equipment, which would have an initial cost of $1,000,000 and a 5 -year life. There is no salvage value for the anuioment. The increase in cash flow each year of the equipment's life would be as follows: What is the payback period? Mutiple Choice 280 yoss Multiple Choice 2.80 years 3.35 years 2.23 years 2.84 years