Beyer Company is considering the purchase of an asset for $230,000. It is expected to produce the following net cash flows. The cash flows occur evenly within each year. Net cash flows Year 1 $53,000 Year 2 $35,000 Year 3 $64,000 Year 4 $150,000 Year 5 $26,000 Total $328,000 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 Cumulative Cash Inflow Net Cash (Outflow) Inflow (Outflow) $ (230,000) $ 0 53,000 53,000 0 1 2 35,000 88,000 152,000 3 64,000 4 150,000 302,000 5 26,000 328,000 $ 98,000 Payback period = 3.52 years