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Please help me calculate the Payback Period . Here's a picture of the problem. It's asking for the years and months. The Sheffield Company is

Please help me calculate the Payback Period. Here's a picture of the problem. It's asking for the years and months.

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The Sheffield Company is planning to purchase $574,400 of equipment with an estimated seven-year life and no estimated salvage value. The company has projected the following annual cash flows for the investment. Projected Cash Year Flows $238,000 2 168,600 3 123,400 88,800 5 88.800 6 52,500 52,500 Total $812,600 (a) Calculate the payback period for the proposed equipment purchase. Assume that all cash flows occur evenly throughout the year. Payback period years and months

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