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 within each year.

	Year 1				Year 2				Year 3				Year 4				Year 5				Total
Net cash flows		$	60,000			$	36,000			$	60,000			$	150,000			$	25,000			$	331,000

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	$(240,000)
1
2
3
4
5
Payback period =