Beyer Company is considering buying an asset for $370,000. It is expected to produce the following net cash flows. Net cash flows Year Initial investment Year 1 Year 2 Year 3 Year 4 Year 5 Total Year 1 $86,000 Net Cash Flows $ Compute the payback period for this investment. (Cumulative net cash outflows must be entered with a minus sign. Round your Payback Period answer to 2 decimal places.) (370,000) Payback period Year 2 $49,000 = Year 3 $70,000 Cumulative Cash Flows Year 4 $300,000 Year 5 $12,000

Beyer Company is considering buying an asset for $370,000. It is expected to produce the following net cash flows. Compute the payback period for this investment. (Cumulative net cash outflows must be ente with a minus sign. Round your Payback Period answer to 2 decimal places.)