Wright Corporation 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 $ 379,000 Year 2 354,000 Year 3 289,000 Year 4 234,000 Year 5 189,000 What is the payback period? Multiple Choice 1.76 years 2.05 years 2.95 years