QUESTION 11 2 poi Suppose a company has proposed a new 4-year project. The project has an initial outlay of $71,000 and has expected cash flows of $20,000 in year 1, $25,000 in year 2, $28,000 in year 3, and $34,000 in year 4. The required rate of return is 13% for projects at this company. What is the discounted payback for this project? (Answer to the nearest tenth of a year, e.g. 3.2)