Patterson Corp. is considering the purchase of a new piece of equipment, which would have an initial cost of $584,000, 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 Year 2 Year 3 Year 4 $117,000 $ 109,000 $ 107,000 $ 96,000 $ 93,000 $ 88,000 $ 82,000 Year 5 Year 6 Year 7 What is the payback period? What is the payback period? Multiple Choice 3.41 years 3.68 years 5.83 years 6.04 years