Beyer Company is considering the purchase of an asset for $190,000. 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		$	50,000			$	31,000			$	60,000			$	140,000			$	30,000			$	311,000

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.)

Cumulative Net Cash inflow Year Cash Inflow (Outflow) (Outflow) (190,000) $ $ (190,000) 0 (140,000) 50,000 2 31,000 (109,000) (49,000) 3 60,000 140,000 4 91,000 30,000 3.35 years Payback period = LO