Question 7 5 pts A new equipment is purchased for $700,000. Annual savings generated are shown below. End of 1 2 3 4 5 6 Year Annual $100,000 $100,000 $200,000 $200,000 $100,000 $100,000 savings The payback period for this new investment is 4.5 years 3.5 years O 5 years 3 years