Caruso Hardware is adding a new product line that will require an investment of $1.480,000. Managers estimate that this investment will have a 10 -year Me and generate net cash inflows of $315,000 the first year, $300,000 the second year, and $250,000 each year thereather for eight years. The investment has no residual value. Compute the paytack period. First enter the formula, then calculate the payback period. (Round your answer to two decimal places.)