Perform a financial analysis for a project. Assume that the projected costs and benefits for this project are spread over four years as follows:

Estimated costs are $120,000 in Year 1 and $ 30,000 each year in Years 2, 3, and 4.

Estimated benefits are $0 in Year 1 and $175,000 each year in Years 2, 3, and 4.

Use a 6 percent discount rate, and round the discount factors to two decimal places.

Payback period occurs in ________year(s).

(Enter year in full numeric value. e.g. 2 or 3 etc.)