Palmer Corp. is considering the purchase of a new piece of equipment. The cost savings from the equipment would result in an annual increase in net income after tax of $193,000. The equipment will have an initial cost of $408,000 and have a 12 year life. If the salvage value of the equipment is estimated to be $75,000, what is the payback period? Multiple Choice O 1.85 years O 2.11 years 2.86 years 12.00 years