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.

	Year 1				Year 2				Year 3				Year 4				Year 5				Total
Net cash flows		$	76,000			$	44,000			$	70,000			$	250,000			$	17,000			$	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	Cash Inflow (Outflow)	Cumulative Net Cash Inflow (Outflow)
0	$(320,000)
1
2
3
4
5
Payback period =