Newman Labs is considering buying equipment, which would enable the company to obtain a five$-$year research contract. The specialized equipment costs $$650,000$ and will have no salvage value when the five$-$year contract period is over. The estimated annual operating results of the project are as follows:

Revenue $ $750,000$

Expenses $($including straight$-$line depreciation$)(650,000)$

Increase in net income $ $100,000$

All revenue from the contract and all expenses $($except depreciation$)$ will be received or paid in cash in the same period as recognized for accounting purposes.

The payback period for the investment in equipment is closest to:

$5$ years.

$1$ years.

$2\mathrm{.}8$ years.

$2\mathrm{.}5$ years.