Lehman Hospital is considering the purchase of a new MRI machine, which costs S3,000,000, with no salvage value and an expected life of five years. The MRI machine is expected to have fixed operating costs of S350,000 per year and variable operating costs of $10 per procedure. The equipment is expected to be used 20 times per day for 300 days a year, for each year of the life of the machine. The average billing price for one procedure is $100. All costs and revenues are expected to increase at a 5 percent inflation rate after the first year. The corporate cost of capital is 10%. What is the payback period for the project using the following timeline