(Discouinted payback period) The Callaway Cattle Company is considering the construction of a new feed handing system lor its feod lot in Abilene, Kansas, The new system wil provide arnual labor savings and reduced wasto totaling $180,000 while the initial investment is only $490,000. Callawnys management has used a simplo payback method for evaluating new investrients in the past but plans to calculate the discounted postack to analyze the investment. Where the appropriate discount rate for this fype of project is 12 percent, what is the propecti discounted paytsock period? The projocts discounted payback period is years. (Round to two decimal places.)