Lila Limited is considering the purchase of a new machine for its manufacturing facilities. The purchase of the machine is expected to reduce operating costs. Presented below is the relevant cost and operating information relating to the new machine: 11 years Initial Cost $202,500 Installation Costs $24,750 Useful Life Expected annual cash operating savings - years 1-8C $58,000 Additional annual cash fixed costs $14,750 Assuming Lila Limited uses the payback method to evaluate capital expenditures, what is the payback period for this expenditure? Input your answer as a number with two decimal places (for example, 1.23)