Langueville Manufacturing Company is considering the following investment proposal:

Original investment	$13,500
Operations (per year for four years):
Cash receipts	$10,000
Cash expenditures	5,500
Salvage value of equipment after four years	$1,000
Discount rate	10%

The firm uses the straight-line method of depreciation with no mid-year convention.

What is the payback period in years approximated to two decimal points, assuming no taxes are paid?

1.75
1.50
3.0
3.5