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 Year 2 $ 376,000 Year 3 $ 351,000 $286,000 Year 4 $ 231,000 Year 5 $ 186,000 What is the payback period? Multiple Choice 2.38 years 2.95 years 2.99 years