Gibson Hardware is adding a new product line that will require an investment of $$1,418,000.$ Managers estimate that this investment will have a $10-$year life and generate net cash

inflows of $$305,000$ the first year, $$300,000$ the second year, and $$245,000$ each year thereafter for eight years. The investment has no residual value. Compute the payback

period.

First enter the formula, then calculate the payback period. $($Round your answer to two decimal places.$)$