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A project has the following cash flows: Initial Investment ($500,000), Year 1 ($200,000), Year 2 $100,000, Year 3 $400,000, Year 4 $700,000, Year 5 $1,000,000.

A project has the following cash flows: Initial Investment ($500,000), Year 1 ($200,000), Year 2 $100,000, Year 3 $400,000, Year 4 $700,000, Year 5 $1,000,000. Please calculate the Payback period (in years) of this project. (Hint: First, determine the year in which total cash flows become positive.)

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