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 within each year. Year 1 $63,000 Year 2 $34,000 Year 3 $63,000 Year 4 $150,000 Year 5 $27,000 Total $337,000 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 place.) Year Cash Inflow (Outflow) Cumulative Net Cash Inflow (Outflow) $ 220,000) 2 Payback period =