D Question 3 1 pts A company is considering a project with the following cash flows: Initial investment: $104,000 . Annual cash flows: $45,000 per year for 8 years - Equipment refurbishment costs (at the end of 6 years): $26,000 - Salvage value of equboment (at the end of 8 years): $8,000 What is the payback period for this project? (Round to two decimal places.)