Beyer Company is considering the purchase of an asset for $290,000. 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 $70,000 $40,000 $70,000 $200,000 $20,000 $400,000 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.) Cumulative Net Cash inflow Year Cash Inflow (Outflow) (Outflow) $ (290,000) 0 1 2 4 5 Payback period