Beyer Company is considering the purchase of an asset for $320,000. It is expected to produce the following net cash flows. The cash flows occur evenly within each year. Year 1 $76,000 Year 2 $44,000 Year 3 $70,000 Year 4 $250,000 Year 5 $17,000 Total $457,000 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 place.) Cash Inflow Cumulative Net Year 0 1 Cash Inflow (Outflow) (Outflow) $ (320,000) $ (320,000) 76,000 (244,000) 44,000 (200,000) 70,000 250,000 2 3 4 5 17,000 Payback period =