Michigan Motors is considering the purchase of a land and the construction of a new plant. The land, which would be bought immediately (at t = 0), has a cost of $100,000 and the building, which would be erected at the end of the first year (t = 1), would cost $125,000. It is estimated that the firm's after-tax cash flow will be increased by $83,000 starting at the end of the second year, and that this incremental flow would increase at a 9.5% rate annually over the next 10 years.

What is the approximate discounted payback period?