Monty Corp. is considering the purchase of a piece of equipment that costs $25,000. Projected net annual cash flows over the projects life are as follows. Calculate the payback period. Year Net Annual Cash Flow 1 $ 7,000 2 10,000 3 20,000 4 22,000 Group of answer choices 2.5 years 2.4 years 3 years 2.05 years.