Peter Pan Costume Shop provides theatrical and holiday costumes for the community. The shop is considering the purchase of a new piece of equipment, which would have an initial cost of $518,000, 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 $105,000 $ 97,000 $ 95,000 $ 84,000 $ 81,000 $ 76,000 $ 70,000 What is the payback period? Multiple Choice C ) 5.28 years 574 years