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Peasch Corporation is considering purchasing new equipment costing $700,000. The company's management has estimated that the equipment will generate cash flows as follows: Year 1 $200,000 2 3 200,000 250,000 100,000 4 5 200,000 Residual value is zero. What is the payback period? Select one: O 3.2 years O 4.5 years O 3.12 years O 5 years O 3.5 years O 3.8 years