Assume the following information relating to an investment opportunity:

• Initial cost = $20,000,000 (all depreciable)
• Economic life of project = 4 years
• Depreciation by the straight-line method
• Units sold/year = 1,000,000
• Product price = $25/unit
• Product variable cost = $15/unit
• Fixed costs of operations (not including depreciation) = $1,000,000/year
• Tax rate = 30%
• Required return = 13%

What is the project's payback in years? Express your answer to two decimals. (i.e. X.XX)