Ocean Wave Packaging is considering a $\backslash (\backslash$$ $723,500\backslash )$ investment in new equipment that is anticipated to produce the following data over a five$-$year life: Ignoring income taxes and assuming that cash flows occur evenly throughout a year, the equipment's approximate payback period is: Multiple Choice $2$ years $1$ month. $1$ years $6$ months. Over $5$ years. $2$ years $4$ months. None of these options is correct.