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 $183,000. The equipment will have an initial cost of $433,000 and have a 8 year life. If the salvage value of the equipment is estimated to be $81,000, what is the payback period? 1.91 years 2.37 years 3.12 years 8.00 years