Exercise 24-3 (Algo) Payback period and unequal cash flows LO P1 Beyer Company is considering buying an asset for $290,000. It is expected to produce the following net cash flows. Net cash flows Year 1 $70,000 Year 2 $40,000 Year 3 $70,000 Year 4 $200,000 Year 5 $20,000 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 places.) Year Net Cash Flows Cumulative Cash Flows Initial investment $ (290,000) Year 1 Year 2 Year 3 Year 4 Year 5 Total Payback period =