Based on the Income statement for 5 years below, what is the payback period (highlighted cell)? Show all work.

Income Statement Year 0 Year 1 Year 2 Year 3 Year 4 Year 5 Machines/Equipment Cost $ Other Construction/Renovation Cost $ (3,100,000) (800,000) Gross Patient Revenue $ 9,671,000 $ 10,258,997 $ 10,882,744 $ 11,544,415 $ 12,246,315 Net Patient Revenue $ 3,497,180 $ 3,674,137 $ 3,860,049 $ 4,055,367$ 4,260,569 $ $ $ $ $ Expenses: Salaries & Wages Employee Benefits Supplies Utilities Rent Other Department Expenses Depreciation Expense Direct Overhead Expenses Allocation - Corporate Office Overhead Expenses Total Expenses Corporate Overhead Operating Income $ 911,040 $ 273,312 $ 96,000 $ 240,000 $ 120,000 $ 48,000 $ 780,000 $ 403,500 $ 418,370 $ 3,290,222 $ 206,958 $ 947,482 $ 284,244 $ 99,840 $ 249,600 $ 124,800 $ 49,920 $ 780,000 $ 411,570 $ 433,491 $ 3,380,947 $ 293,190 $ 985,381 $ 295,614 $ 103,834 $ 259,584 $ 129,792 $ 51,917 $ 780,000 $ 419,801 $ 449,185 $ 3,475,108$ 384,941 $ 1,024,796 $ 307,439 $ 107,987 $ 269,967 $ 134,984 $ 53,993 $ 780,000 $ 428,197 $ 465,473 $ 3,572,837$ 482,531 $ 1,065,788 319,736 112,306 280,766 140,383 56,153 780,000 436,761 482,379 3,674,273 586,295 $ $ $ $ $ $ $ 206,958 $ 780,000 $ 293,190 $ 780,000 $ 384,941 $ 780,000 $ Net operating income Depreciation Net salvage value Net cash flow $ 482,531 $ 780,000 $ $ 1,262,531$ 586,295 780,000 500,000 1,866,295 (3,900,000) $ 986,958 $ 1,073,190 $ 1,164,941 $ (3,900,000) $ (2,913,042) $ (1,839,852) $ (674,911) $ 587,619 $ 2,453,915 Cumulative Cash Flows $ Payback period Payback method has two main deficiencies when used as a project selection criterion. First , payback ignores all cash flows that occur after the payback period. Second, payback ignores the opportunity costs associated with the capital employed