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 $167,000. The equipment will have an initial cost of $482,000 and have a 10 year life. If the salvage value of the equipment is estimated to be $80,000, what is the payback period? Multiple Choice O 2.33 years O 2.89 years O 3.64 years O 10.00 years