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8 Wright core is considering the purchase of a new piece of cauipment, which would have an inital cost of $1,000,000 and as year life. there is no salvare value for equipment the ineres in cash flow each year of the eauipment's life would be as follons: Year ! Year 2 $ 381,000 $ 354,000 2911000 year 3 Year 4 91 234,000 years $191,000 what is the pay back period? 2.33 years 3.45 years 2.94 years 2.90 years