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Patterson Corp. is considering the purchase of a new piece of equipment, which would have...

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Accounting

Patterson Corp. is considering the purchase of a new piece of equipment, which would have an initial cost of $696,000, a 7-year life, and $150,000 salvage value. The increase in net income each year of the equipment's life would be as follows: Year 1 $ 141,000 Year 2 $ 133,000 Year 3 $ 131,000 Year 4 $ 120,000 Year 5 $ 117,000 Year 6 $ 112,000 Year 7 $ 106,000 What is the payback period?

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