Compute the payback period for an investment with the following net cash flows. (Round your answer to one decimal place.)

Year	Net Cash Flows per Year	Cumulative Net Cash Flows
Initial investment	$(150,000)	$(150,000)
1	15,000	(135,000)
2	30,000	(105,000)
3	40,000	(65,000)
4	45,000	(20,000)
5	50,000	30,000

Requirements:

1. Determine the payback period in years.
2. Identify the year in which the initial investment is recovered.
3. Calculate the amount recovered by the end of the payback year.