Beyer Company is considering the purchase of an asset for $240,000. It is expected to produce the following net cash flows. The cash flows occur evenly throughout each year. Year 1 $60,000 Year 2 $36,000 Year 3 $60,000 Year 4 $150,000 Year 5 $25,000 Total $331,000 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 places.) Year Cash inflow (outflow) Cumulative Net Cash Inflow (outflow) 0 $ (240,000) 1 2 4 5 Payback period =