Archer Hardwere is adding a new product Ine that wil require an investment of $1,400,000. Mansgers estimate that this investment will have a 10 -year tife and generate net cash inflows of $300,000 the fint year, $280,000 the socond yont, and $235,000 bach year thereaher for eight years. The invostment has no residual value. Compute the payback pertod. Fint ecter the formula, then calcilate the payback period. (Round your answer to two decimal plactes)