8. Suppose a company has proposed a new 4-year project. The project has an initial outlay of $55,000 and has expected cash flows of $17,000 in year 1, $21,000 in year 2, $28,000 in year 3, and $31,000 in year 4. The required rate of return is 11% for projects at this company. What is the Payback for this project? (Answer to the nearest tenth of a year, e.g. 1.2)