he following details are provided by a manufacturingcompany:

	Product line
	$1,030,000
Useful life1	5 years
Estimated annual net cash inflows for first year	$420,000
Estimated annual net cash inflows for second year	$370,000
Estimated annual net cash inflows for next ten years	$310,000
Residual value	$70,000
Depreciation method	Straight-line
Required rate of return	12%

Calculate the payback period for the investment.(Round your answer to two decimalplaces.)