Beyer Company is considering the purchase of an asset for $300,000. 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		$	72,000			$	42,000			$	71,000			$	230,000			$	19,000			$	434,000

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	$(300,000)
1
2
3
4
5
Payback period =