Ocean Wave Packaging is considering a $700,000 investment in new equipment that is anticipated to produce the following data over a five-year life: Year Cash Inflows Cash Outflows Depreciation 1 $ 400,000 $ 130,000 $ 110,000 2 500,000 190,000 110,000 3 500,000 170,000 110,000 4 390,000 150,000 110,000 5 350,000 130,000 110,000 Ignoring income taxes and assuming that cash flows occur evenly throughout a year, the equipment's approximate payback period is: