) 1.a. Winston Clinic is evaluating a project that costs $52,125 and has expected net cash flows of $12,000 per year for eight years. The first inflow occurs one year after the cost outflow, and the project has a cost of capital of 12 percent. The cash flows look like this:

YearAnnual Cash Flow0-$52,1251$12,0002$12,0003$12,0004$12,0005$12,0006$12,0007$12,0008$12,000

What is the project's payback?

Answer in years, out to two decimal places.