1)

Beyer Company is considering the purchase of an asset for $270,000. It is expected to produce the following net cash flows. The cash flows occur evenly throughout each year.

	Year 1	Year 2	Year 3	Year 4	Year 5	Total
Net cash flows		$	66,000			$	39,000			$	67,000			$	200,000			$	22,000			$	394,000

Compute the payback period for this investment.(Cumulative net cash outflows must be entered with a minus sign. Round your Payback Period answer to 2 decimal places.)