Beyer Company is considering buying an asset for $230,000. It is expected to produce the following net cash flows. Net cash flows Year 1 $53,000 Year 2 $35,000 Year 3 $64,000 Year 4 $150,000 Year 5 $26,000 Compute the payback period for this investment. (Cumulative net cash outflows must be entered with a minus sign. Ro Payback Period answer to 2 decimal places.) Answer is complete but not entirely correct. Year Net Cash Cumulative Flows Cash Flows Initial investment is (230,000) $ 0 Year 1 53.000 53,000 Year 21 35,000 88,000 Year 3 64,000 149,928 Year 4 150,000 72,000 Year 5 26,000 98,000 Total 98,000 Payback period 3.52 years