MCA Corporation is reviewing an investment proposal. The schedule below presents the initial cost and estimates of the book value of the investment at the end of each year, the net cash flows for each year, and the net income for each year. All cash flows are assumed to take place at the end of the year. The investment's salvage value at the end of each year is equal to its book value. There would be no salvage value at the end of the investment's life. Year Annual Net Income 0 1 Investment Proposal Initial Cost and Book Value Annual Cash Flows $104,000 69,000 $49,000 41,000 44,000 20,000 39,000 6,000 34,000 0 29,000 $14,000 2 16,000 18,000 3 4 20,000 5 22,000 MCA Corporation uses a 15% target rate of return for new investment proposals. (a) What is the cash payback period for this proposal? (Round answer to 2 decimal places, e.g. 12.52.) Cash payback period years