Exercise 24-1 Payback period computation; uneven cash flows LO P1 Beyer Company is considering the purchase of an asset for $310,000. It is expected to produce the following net cash flows. The cash flows occur evenly within each year. Year 1 $80,000 Year 2 $40,000 Year 3 $70,000 Net cash flows Year 4 $250,000 Year 5 $18,000 Total $458,000 Compute the payback period for this investment. (Cumulative net cash outflows must be entered with a minus sign. Round your Payback Period answer to 2 decimal place.) Year Cash Inflow (Outflow) $ (310,000) Cumulative Net Cash Inflow (Outflow) 0 1 2 3 4 5 Payback period =