Flexsteel Industries manufactures furniture for the retail, contract, and recreational vehicle furniture markets. The company is considering the purchase of a new plece of equipment, which would have an initial cost of $536,000, a 7-year life, and $150,000 salvage value. The increase in cash flow each year of the equipment's life would be as follows: Year 1 Year 2 $111,000 $103,000 Year 3 $101,000 Year 4 $ 90,000 Year S Year 6 Year 7 $ 87,000 $82,000 $ 76,000 What is the payback period? Multiple Choice 575 years 5.57 years