A dry-bean harvester requires an initial cash outlay of $250,000. The after-tax net cash flows from this harvester will be $60,000 during the first year; $50,000 for each of the second, third, and fourth years; and $30,000 for the fifth, sixth, seventh, and eight years. In year eight, the harvester can be sold for an after-tax salvage value of $40,000. Calculate the payback period by using the following table.

Year	Annual net cash flows	Cumulative Net Cash Flows
1
2
3
4
5
6
7
8