Gateway Graphics is considering an investment in new printing equipment costing

$534,000.

The equipment will be depreciated on a

straightline

basis over a

fiveyear

life and is expected to generate net cash inflows of

$120,000

the first year,

$158,000

the second year, and

$166,000

every year thereafter until the fifth year. What is the payback period for this investment? The residual value is zero. (Round your answer to two decimal places.)