Question 15 6 pts Oasis Corp is considering the purchase of a new piece of equipment, which would have an initial cost of $1,000,000 and a 5 year life. There is no salvage value for the equipment. The increase in net operating income each year of the equipment's life would be as follows: Year 1 $375,000 Year 2 $350,000 Year 3 $285,000 Year 4 $230,000 Year 5 $185.000 What is the payback period? O 3.51 years 0 2.96 years O 1.77 years 0 2.06 years