Problem 10.8

Northern Specialties just purchased inventory-management computer software at a cost of $1,396,950. Cost savings from the investment over the next six years will produce the following cash flow stream: $224,340, $253,240, $302,600, $520,250, $781,320, and $692,740. What is the payback period on this investment? (Round answer to 2 decimal places,e.g. 15.25.)