3 years 5 years 4.35 years 4 years 422 years An anticipated purchase of equipment for $400,000, with a useful life of 8 years and no residual value, is expected to yield the following annual net incomes and net cash flows: Year Net Income ($) Net Cash Flow ($) 1 160,000 110,000 2 150,000 100,000 3 90,000 90,000 4 70,000 80,000 5 70,000 90.000 6 80,000 90.000 7 80,000 90,000 8 80,000 90.000 What is the payback period? Multiple Choice Overs