QUESTION 18 dels 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 income each year of the equipment's life would be as follows: QUESTION 18 Queste le considering the purchase of a new plece of equipment, which would have an initial cost of $1,000,000 and a 5- your life. There is no salvingo value for the equipment. The increase in net income each year of the equipment's life would be as follows: Year 1 Year 2 $375,00 $ 350,00 $285,00 $ 230,00 Year 3 0 Year 4 0 185,00 Year 5 $ What is the payback period? 3.51 years 1.77 years 2.96 years 2.06 years