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 Year 2 Year 3 Year 4 Year 5 $391,000 $366,000 $301,000 $246,000 $ 201,000 What is the payback period? Multiple Choice ) 3.46 years 2.01 years 2.91 years 1.72 years