Wright Corp. is considering the purchase of a new piece of equipment, which would have an initial cost of $1,000,000 and a 5-year life. There is no salvage value for the equipment. The increase in net income each year of the equipment's life would be as follows: 20:21 Year 1 Year 2 Year 3 Year 4 Year 5 $443,000 $418,000 $353,000 $298,000 $253,000 What is the payback period? Multiple Choice 3.32 years 187 years 1.58 years 2.77 years