Payback Period

Jan Booth is considering investing in either a storage facility or a car wash facility. Both projects have a five-year life and require an investment of $350,000. The cash flow patterns for each project are given below.

Storage facility: Even cash flows of $140,000 per year

Car wash: $112,900, $143,300, $70,000, $120,000, and $98,000

1-) Calculate the payback period for the car wash facility (uneven cash flows). Round your answer to three decimal places.