Haig Aircraft is considering a project which has an up-front cost paid today at t=0. The project will generate positive cash flows of $60,000 per year at the end of each of the next 5 years. The projects NPV is $75,000 and the companys cost of capital is 10 percent. What is the projects payback period? Assume the cash flows occur evenly throughout each year when calculating the payback period.