R VERSTON BACK proposal. The initial cost and estimates o f the book value of the investment at the end of each year, the net cash flows for Drake Corporation is reviewing an investment each year, and the net income for each year are presented in the schedule below. All cash flows are assumed to take investment at the end of each year is equal to its book value. There would be no salvage value at the end of the investment's life. place at the end of the year. The salvage value of the Investment Proposal Initial Cost Annual Cash Flows Annual Net Income Year and Book Value 104,100 69,900 41,600 20,900 7,800 $44,700 40,700 35,000 29,100 25,800 $10,500 12,400 14,300 16,000 18,000 Drake Corporation uses an 11% target rate of return for new investment proposals. Cick here to view PV table. What is the cash payback period for this proposal? (Round answer to 2 decimal places, e.g. 10.50.) Cash payback period