A shoe manufacturer is evaluating new equipment that would custom fit athletic shoes. The new equipment costs $111,000 and will generate $44,000 in net cash flows for five years. (Negative cumulative cash flows should be indicated with a minus sign.) Determine the break-even time for this equipment. Present Year Net Cash Flow x Value of 1 Present Value of Net Cash at 12% Flows Cumulative Present Value of Net Cash Flows Initial investment $ (111,000) x 1.0000 $ (111,000) $ (111,000) Year 1 44,000 x 0.8929= Year 2 44,000 x 0.7972= Year 3 44,000 x 0.7118 Year 4 44,000 x 0.6355= Year 5 44,000 x 0.5674 (Round break.even time answers to two decimal places.)