A company is considering a project with the following characteristics: Cash outflows: - Immediate investment in equipment: $422,000 - 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.) (Use the present values tables above for any present value calculations. Don't round intermediate calculations. Round your final answer to the nearest dollar.)