Ocean Wave Packaging is considering a $725,500 investment in new equipment that is anticipated to produce the following data over a five-year life: Year nm * in Cash Inflows $420,000 520,000 520,000 410,000 370,000 Cash Outflows $130,000 190,000 170,000 150,000 130,000 Depreciation $140,000 140,000 140,000 140,000 140,000 Ignoring income taxes and assuming that cash flows occur evenly throughout a year, the equipment's approximate payback period is: Multiple Choice O 1 years 6 months. o 2 years 1 month. o o 2 years 4 months