Ocean Wave Packaging is considering a $$750,000$ investment in new equipment that is anticipated to produce the following data over a five$-$year life:

Year Cash Inflows Cash Outflows Depreciation

$1$ $ $410,000$ $ $130,000$ $ $130,000$

$2510,000190,000130,000$

$3510,000170,000130,000$

$4400,000150,000130,000$

$5360,000130,000130,000$

Ignoring income taxes and assuming that cash flows occur evenly throughout a year, the equipment's approximate payback period is:

Multiple Choice

None of these options is correct.

$1$ years $7$ months.

$2$ years $5$ months.

$2$ years $1$ month.

Over $5$ years.