The Seago Company is planning to purchase $$650,000$ 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.

$\backslash$table$[[$Year$,\backslash$table$[[$Projected Cash$],[$Flows$]]],[1,$$$250,000$ Year $2200,000$ year $3130,000$ Year $460,000$ Year $560,000$ Year $740,000$ Total $780,000$

Calculate the payback period for the proposed equipment purchase. Assume that all cash flows occur evenly throughout the year.