Nelson Corp. is considering the purchase of a new piece of equipment. The cost savings from the equipment would result in an annual increase in cash flow of $115,000. The equipment will have an initial cost of $460,000 and have a 5 year life. If the salvage value of the equipment is estimated to be $90,000, what is the payback period? Ignore income taxes. Multiple Choice 3.22 years 7.00 years Loo oo 4.78 years 4.00 years