Ocean Wave Packaging Is Considering a $600,000 Investment in New

Ocean Wave Packaging is considering a $600,000 investment in new equipment that is anticipated to produce the following data over a five-year life:

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

A) 1 year, 7 months.
B) 2 years, 1 month.
C) 2 years, 5 months.
D) Over 5 years.
E) Some other period of time not noted above.