Drake Corporation is reviewing an investment proposal. The initial cost and estimates of the book value of the investment at the end of each year, the net cash flows for each year, and the net income for each year are presented in the schedule below. All cash flows are assumed to take place at the end of the year. The salvage value of the investment at the end of each year is equal to its book value. There would be no salvage value at the end of the investment's life In Proposal Initial Cost Annual Cash Flows Annual Net Income Year and Book Value 0 $105,600 69,300 42,500 20,600 6,700 $44,900 40,600 35,200 29,600 24,200 $8,600 13,800 13,300 15,700 17,500 Drake Corporation uses an 11% target rate of return for new investment proposals. What is the cash payback period for this proposal? (Round answer to 2 decimal places, e.g. 10.50.) Cash payback period