Holtand Corp. is considering the purchase of a new piece of equipment. The cost savings from the equipment would result in an annual increase in net Income after tax of $276,000. The equipment will have an initial cost of $670,000 and have a 5-year life. If there is no salvage value of the equipment, what is the payback period? Multiple Choice 5.00 years 200 years 243 years 163 year