Pillows Incorporated was considering an investment in the following project: Required initial investment $ 800,000 Net annual after-tax cash inflow $ 175,000 $ 63,800 Annual depreciation expense (($800,000 - $162,000)/10 years) Estimated salvage value $ 162,000 10 Life of the project in years Assume that cash inflows occur evenly throughout the year. The estimated payback period in years (rounded to one decimal place) for the proposed project is:

Assume that cash inflows occur evenly throughout the year. The estimated payback period in years (rounded to one decimal place) for the proposed project