Beyer Company is considering the purchase of an asset for $220,000. It is expected to produce the following net cash flows. The cash flows occur evenly throughout each year.

Year 1 Year 2 Year 3 Year 4 Year 5 Total Net cash flows $ 63,000 $ 34,000 $ 63,000 $ 150,000 $ 27,000 $ 337,000

Compute the payback period for this investment. (Cumulative net cash outflows must be entered with a minus sign. Round your answers to 2 decimal places.)

Year Cash inflow (outflow) Culminative net Cash inflow(outflow)

0 ($220,000)

1

2

3

4

5

6

payback period=