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 Year 3 Year 4 Year 5 $ 380,000 $ 355,000 $ 290,000 $ 235,000 $ 190,000 What is the payback period? Multiple Choice 2.34 years 2.91 years 2.95 years 3.46 years