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CCM corp. uses the payback period method of capital budgeting. It requires all new investments to have a three-year payback period. The end of year

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CCM corp. uses the payback period method of capital budgeting. It requires all new investments to have a three-year payback period. The end of year incremental free cash flows for a new investment opportunity are given below. Assuming the free-cash-flows will be received uniformly throughout the year. What is the payback period of this investment? Round your answer to two decimals. Timeline Free-cash-flow -1000 500 1000 1000 1000

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