Consider a project with an initial investment (today, t = 0) of $278,875.00. This project will generate cash flows of $48,500 per year for the next 8 years. The remaining assets will be sold for scrap for 8,550 at the end of Year 8. What is the payback period for the project? Answer with a number rounded to three decimal places, e.g., 4.0877 should be entered as 4.088