Payback Period Calculation: A capital investment project involves upgrading machinery for $500,000, expected to generate annual cash flows of $150,000 for the next five years. However, the cash flows are not evenly distributed. In the first year, the project generates $50,000, increasing by $20,000 each subsequent year until the fifth year when it reaches $100,000. Calculate the payback period for the project and discuss the significance of uneven cash flows in investment decision-making.