(Ignore income taxes in this problem.) Your Company is considering the purchase of new equipment at a cost of $150,000. The equipment has an estimated useful life of 10 years with an expected salvage value of $15,000. The equipment is expected to generate net cash inflows of $35,000 per year in each of the 10 years. The depreciation expense each year would be $10,000. The discount rate is 16%. What is the payback period for the project?