Sentinel Company is considering an investment in technology to improve its operations. he investment will require an initial outlay of $249,000 and will yield the following expected cash flows. Management requires investments to have a payback period of 2 years, and it requires a 8% return on investments. (PV of $1, FV of $1, PVA of $1, and FVA of $1) (Use appropriate factor(s) from the table provided.) Period Cash Flow 47,500 53,700 76,500 95,500 126.900 Required 1. Determine the payback period for this investment. (Enter cash outflows with a minus sign. Round your Payback Period answer to 1 decimal place.) Cumulative Net Cash inflow Cash Inflow Year (outflow) (outflow) (249.000) 0 (249,000) 1 47,500 (201,500) 2 53.700 (147,800) 76,500 4 95,500 24.200 5 151,100 126,900 151, 100 Calculate the payback period: 3 and year. 4 Payback occurs between year Calculate the portion of the year. Numerator for partia year 71 300 0.7 years 95,500 Denominator for partial year 3.7 years Payback period