A project manager is using the payback method to make the final decision on which project to undertake. The company has a 10% required rate of return and expects a 4% rate of inflation for the following five years. The initial investment cost of the project was $500,000. What is the payback period of a project that has cash flows as shown in the table:

year 1= $50,000,

 year 2 =$75,000, 

year 3 =$150,000, 

year 4 =$150,000, 

year 5=$750,000?.