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 $128,000 The equipment will have an initial cost of $488,000 and have a 12 year life. If the salvage value of the equipment is estimated to be $80,000, what is the payback period? O 301 years O 381 years O 4.56 years 12.00 years O 1200 years