1. Briarcliff Stove Company is considering a new product line to supplement its range line.It is anticipated that the new product line will involve cash investment of $700,000 attime 0 and $1.0 million in year 1. After-tax cash inflows of $250,000 are expected inyear 2, $300,000 in year 3, $350,000 in year 4, and $400,000 each year thereafter through year 10. Though the product line might be viable after year 10, the company prefers tobe conservative and end all calculations at that time. What will be the project payback period?