Beyer Company is considering the purchase of an asset for $320,000. It is expected to produce the following net cash flows. The cash flows occur evenly within each year. Net cash flows Year 1 $ 76,000 Year 2 $44,000 Year 3 $70,000 Year 4 $250,000 Year 5 $17,000 Total $457,000 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 place.) Year Cumulative Net Cash Inflow Cash Inflow (Outflow) (Outflow) $ (320,000) 0 1 2 3 4 5 Payback period