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:

Year 1	$	415,000
Year 2	$	390,000
Year 3	$	325,000
Year 4	$	270,000
Year 5	$	225,000

What is the payback period?

2.84 years

1.94 years

1.65 years

3.39 years