Beyer Company is considering the purchase of an asset for $370,000. It is expected to produce the following net cash flows. The cash flows occur evenly within each year. Net cash flows Year 1 $86,000 Year 2 Year 3 Year 4 Year 5 Total $49,000 $70,000 $300,000 $12,000 $517,000 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 $ (370,000) 1 86,000 2 3 4 5 1 $ (284,000) Payback period =