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. Year Projected Cash Flows 1 $250,000 2 200,000 3 130,000 4569 60,000 60,000 40,000 7 40,000 Total $780,000 (a) Calculate the payback period for the proposed equipment purchase. Assume that all cash flows occur evenly throughout the year. Payback period years and months.