Beyer Company is considering buying an asset for $300,000. It is expected to produce the following net cash flows. Net cash flows Year 1 $76,000 Year 2 $45,000 Year 3 $75,000 Year 4 $260,000 Year 5 $16,000 Compute the payback period for this investment. Note: Cumulative net cash outflows must be entered with a minus sign. Round your Payback Period answer to 2 decimal places. Year Net Cash Flows Cumulative Cash Flows Initial investment $ (300,000) Year 1 Year 2 Year 3 Year 4 Year 5 Total Payback period =