Question 3 1 pts A company is considering a project with the following cash flows: Initial investment: $103,000 Annual cash flows: $38,000 per year for 8 years Equipment refurbishment costs (at the end of 6 years): $25,000 Salvage value of equipment (at the end of 8 years): $5,000 What is the payback period for this project? (Round to two decimal places.)