Patterson Corp. is considering the purchase of a new piece of equipment, which would have an initial cost of $524,000, a 7-year life, and $150,000 salvage value. The increase in cash flow each year of the equipment's life would be as follows: Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 $ 107,000 $ 99,000 $ 97,000 $ 86,000 $ 83,000 $ 78,000 $ 72,000 What is the payback period