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Concord Company is considering a capital investment of $354.760 in new equipment. The equipment is expected to have a 5 -year useful life with no salvage value. Depreciation is computed by the straight-line method. During the life of the investment, annual net income and cash flows are expected to be $43,000 and $98,000, respectively. Concord's minimum required rate of return is 10%. The present value of 1 for 5 periods at 10% is 0.62092 and the present value of an annuity of 1 for 5 periods at 10% is 3.79079 . Click here to view PV tables. Compute each of the foliowing: (a) Cash payback period. (Round answer to 2 decimal places, e.g. 15.25.) Cash payback period years