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Wright Corp. is considering the purchase of a new piece of equipment, which would have an initial cost of $1,000,000 and a 5-year life. There is no salvage value for the equipment. The increase in net income each year of the equipment's life would be as follows: Year 1 Year 2 Year 3 Year 4 Year 5 $455,000 $430,000 $365,000 $310,000 $265,000 What is the payback period? Multiple Choice 274 years O 184 years 3 29 years 155 years