Beyer Company is considering the purchase of an asset for $280,000. It is expected to produce the following net cash flows. The cash flows occur evenly within each year. Net cash flows Year 1 $68,000 Year 2 Year 3 $40,000 $74,000 Year 4 Year 5 Total $140,000 $21,000 $343,000 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 $ (280,000) 1 2 3 4 5 Payback period 6