Wright Corp. is considering the purchase of a new piece of equipment, which would have an initial cost of $1000,000 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 I Year 2 Year 3 Year 4 Year 5 $435,000 $410, eee $345,000 $290,000 $245,000 What is the payback period? Multiple Choice Oo oo O 334 years