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! Year 2 $ 2,000 $ 367,000 Year 3 $ 302,000 Year 4 $247,000 Years 5 202,000 What is the payback period?