Kent Corp. is considering the purchase of a new plece of equipment, which would have an initial cost of $530,000, a 7.year life, and $150,000 salvage value. The increase in cash flow each year of the equipment's life would be as follows: Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 $109,000 $ 101,000 $ 99,000 $ 88,000 $ 85,000 500,000 $ 74,000 What is the payback period? Multiple Choice 5.14 year 5.60 years 563 years 5.81 years