Paula is planning to buy a Coffee Shop for $115,000 today. In return, Paula is expecting the following cashflows: Year1: $7,188; Year2: $21,562; Year3: $40,250; Year4: $50,315; Year5: $57,500 Paula can borrow from a bank at a rate of 9.40% to buy the Coffee Shop

How much is the payback period, in years, of this project? Enter your answer in the following format: 1.23; Hint: Answer is between 3.44 and 4.34