Exercise 24-3 (Algo) Payback period and unequal cash flows LO P1 Beyer Company is considering buying an asset for $360,000. It is expected to produce the following net cash flows. Net cash flows Year 1 $80,000 Year 2 $50,000 Year 3 $70,000 Year 4 $250,000 Year 5 $13,000 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.) Net Cash Cumulative Year Flows Cash Flows Initial investment $ (360,000) $ (360,000) Year 1 80,000 (280,000) Year 2 50,000 (230,000) Year 3 70,000 (160,000) Year 4 250,000 90,000 Year 5 13,000 103,000 Total $ 103,000 Payback period = 3.89 years