The Ayayal Company is planning to purchase $524,500 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 Flows Year $201,000 151,000 101,000 78,000 78,000 41,000 41,000 $691,000 Total (a) Calculate the payback period for the proposed equipment purchase. Assume that all cash flows occur evenly throughout the year. Payback period months years and