A company is considering a project with the following cash flows: Initial investment: $125,000 Annual cash flows: $71,000 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 for this project? (Round to two decimal places.) Question 4 1 pts A company is considering a project with the following characteristics: Cash outflows: Immediate investment in equipment: $399,000 Cash outflow for equipment maintenance in year 2: $55,000 Cash inflows: Cash savings in year 1: $50,000 Cash savings in year 2: $100,000 Cash savings in year 3: $100,000 Cash savings in year 4: $150,000 Cash savings in year 5: $200,000 Salvage value at the end of year 5: $60,000 What is the Payback Period (in years) for this project? (Round your answer to 2 decimal places.)