Patterson Corp. is considering the purchase of a new piece of equipment, which would have an initial cost of $570,000, a 7-year life, and $150,000 salvage value.

The increase in net income each year of the equipment's life would be as follows: Year 1 $ 114,000 Year 2 $ 106,000 Year 3 $ 104,000 Year 4 $ 93,000 Year 5 $ 90,000 Year 6 $ 85,000 Year 7 $ 79,000

What is the payback period? 6.06 years 3.43 years 5.85 years 3.70 years