Palmer Corporation is considering the purchase of a new plece of equipment. The cost savings from the equipment would result in an annual increase in net income of $191,000. The equipment will have an initial cost of $402,000 and a 8 year useful life. If the salvage value of the equipment is estimated to pe $83,000, what is the payback period? Multiple Choice 174 years 210 years 285 years 8.00 years