A company is considering a project with the following characteristics:

Cash outflows:

Immediate investment in equipment: $$427,000$

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.$)$