Flexsteel Industries manufactures furniture for the retail, contract, and recreational vehicle furniture markets. The company is considering the purchase of a new piece of equipment, which would have an initial cost of $560,000, 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 Year 3 Year 4 Year 5 Year 6 Year 7 $119,000 $111,000 $109,000 $ 98,000 $ 95,000 $ 90,000 $ 84,000 What is the payback period? Multiple Choice 5.31 years 5,52 years 4.85 years What is the payback period? Multiple Choice 5.31 years 5.52 years 4.85 years 5.34 years