Question 23 (4 points) A company is considering purchasing factory equipment that costs $480,000 and is estimated to have no salvage value at the end of its 8-year useful life. Depreciation is computed using the straight-line method. If the equipment is purchased, annual net income and cash flows are expected to be $36,000 and $96,000, respectively. The cash payback period on the equipment is 13.3 years. O 5.0 years. 8.0 years. 2.5 years