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 cash flow each year of the equipment's life would be as follows: Year 1 $ 381,000 Year 2 $ 356,000 Year 3 $ 291,000 Year 4 $ 236,000 Year 5 $ 191,000 What is the payback period? Multiple Choice 2.33 years 2.90 years 2.94 years