Need help with this.

A product line that will require an investment of 1,540,000 Managers estimate that this investment will have a 10-year life and generate net cash inflows of 315,000 the first year, 295,000 the second year, and 240,000 each year thereafter for eight years. The investment has no residual value. Compute the payback period.

Formula: Full Years + ( Amount to complete recovery in next year / Projected cash inflows in next year) = Payback