3. Angels Character Clubhouse, a children's party service in Hillside, NJ, is considering getting into operation. The company needs to purchase an office space, which requires an immediate cost (at t=0) of $100,000. It is estimated that the company's after-tax cash flow will be $50,000 starting at the end of year-1, and that this incremental flow would increase at a 20% rate annually over the next 10 years. What is the company's approximate payback period?