Oriental Corporation has gathered the following data on a proposed investment project:

Investment in depreciable equipment	$ 440,000
Annual net cash flows	$ 77,000
Life of the equipment	20	years
Salvage value	$ 0
Discount rate	13%

The company uses straight-line depreciation on all equipment. Assume cash flows occur uniformly throughout a year except for the initial investment.

The payback period for the investment would be: (Round your answer to 1 decimal place.)

0.2 years

1.0 years

3.7 years

5.7 years