Beyer Company is considering the purchase of an asset for $280,000. It is expected to produce the following net cash flows. The cash flows occur evenly within each year Tet cash flows Year 1 $68,000 Year 2 $40,000 Year 3 $74,000 Year 4 $140,000 Year 5 $21,000 Total $343,000 Compute the payback period for this investment. (Cumulative net cash outfiows must be entered with a minus sign. Round your Payback period answer to 2 decimal place.) Answer is complete but not entirely correct. Cumulative Year Cash Intlow Net Cash (Outflow) Inflow Outflow) 0 $ 280.000) 03 + 68,000 68,000 2 40.000 108,000 3 74000 182,000 4 140 000 322,000 5 21.000 343.000 3 63.000 Paypack period answer to 2 decimai piace.) Answer is complete but not entirely correct. Year Cash inflow (Outflow) Cumulative Net Cash Inflow (Outflow) $ 0 1 2. 3 $ (280,000) 68,000 40,000 74,000 140,000 21,000 $ 63,000 68,000 $ 108,000 182,000 322,000 343,000 4 5 5 Payback period = 3 years 9 months