A company is considering purchasing factory equipment that costs$480000 and is e

A company is considering purchasing factory equipment that costs$480000 and is estimated to have no salvage value at the endof its 8-year useful life. If the equipment is purchasedannual revenues are expected to be $135000 and annualoperating expenses exclusive of depreciation expense are expectedto be $39000. The straight-line method of depreciation wouldbe used.The cash payback period on the equipment is