Crane Solutions, Inc., has just invested $4,886,200 in new equipment. The firm uses a payback period criteria of rejecting any project that takes more than four years to recover its costs. Management anticipates cash flows of $518,000, $652,400, $758,900, $1,302,800, $3,043,000, and $2,768,700 over the next six years. (Round answer to 2 decimal places, e.g. 15.25.)

What is the payback period of this investment?

Should Crane Solutions, Inc. go ahead with this project?