Nelson Corp. is considering the purchase of a new plece of equipment, which would have an initial cost of $554.000, a 7-year life and $150,000 salvage value. The increase in cash flow each year of the equipment's life would be as follows: Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 $117,000 $109,000 $107,000 $ 96,000 S 93,000 $ 88,000 $ 82,000 What is the payback period? Multiple Choice 4.90 years 5.57 years 5.39 years 5.36 years