A company is considering a project with the following characteristics:

Cash outflows:

• Immediate investment in equipment: $475,000
• 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.)