A company is considering a project with the following cash flows: Initial investment: $124,000 Annual cash flows: $78,000 per year for 8 years Equipment refurbishment costs (at the end of 6 years): $26,000 Salvage value of equipment (at the end of 8 years): $7,000 What is the Payback Period (in years) for this project? (Round to two decimal places.) (Use the present values tables above for any present value calculations. Don't round intermediate calculations. Round your final answer to the nearest dollar.)