The Geofgio Corporation is considering replacing the old binding equipment with a new one at a cost of $317,000. With the new equipment, the company expects to save $48,000 in maintenance costs per year, all cash savings. These savings in maintenance costs represent both an increase in cash flow and an increase in incremental operating income The new binding equipment has an estimated useful life of 10 years with no salvage value. The company's required rate of return is 8% The old binding equipment has no salvage value. Assume the company wants to recover their initial investment on the new equipment in ten years. Based on the payback method, should Georgio Savage purchase the new equipment