A firm is considering a project that requires an initial investment of $250,000. The life of this project is five years. Cash flows for each year are estimated as follows: Year 1 Year 2 Year 3 Year 4 Year 5 $80,000 $120,000 $160,000 $40,000 -$90,000 If the cost of capital of this project is 8%, what is the payback period of this project