Cornell Manufacturing Company is considering the following investment proposal:

Initial investment:

Depreciable assets (straight-line)

$48,000

Working capital

4,000

Operations (per year for 4 years):

Cash receipts

$30,000

Cash expenditures

17,000

Disinvestment:

Salvage value of equipment

$2,000

Recovery of working capital

4,000

The investment's payback period in years (rounded to two decimal points) is: