Oasis Corp is considering the purchase of a new piece of equipment, which would have an initial cost of $1,000,000 and a 5 year life. There is no salvage value for the equipment. The increase in cash flow each year of the equipment's life would be as follows: Year 1 $375,000 Year2 $350,000 Year 3 $285,000 Year 4 $230,000 Year 5 $185,000 What is the payback period?

	a.	2.39 years
	b.	2.96 years
	c.	3.00 years
	d.	3.51 years