Question 3 A company is considering a project with the following cash flows: Initial investment: $106,000 Annual cash flows: $77,000 per year for 8 years Equipment refurbishment costs (at the end of 6 years): $23,000 Salvage value of equipment (at the end of 8 years): $12,000 What is the Payback Period (in years) for this project? (Round to two decimal places.) 2 pts