Joe's Hardware is adding a new product line that will require an investment of $$1,460,000.$ Managers estimate that this investment will have a $10-$year life and generate net cash inflows of $$285,000$

the first year, $$250,000$ the second year, and $$240,000$ 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.$)$