A company is considering a project with the following cash flows:

Initial investment: $$130,000$

Annual cash flows: $$78,000$ per year for $8$ years

Equipment refurbishment costs $($at the end of $6$ years$)$: $$25,000$

Salvage value of equipment $($at the end of $8$ years$)$: $$11,000$

What is the Payback Period $($in years$)$ for this project? $($Round to two decimal places.$)$