Suppose a company has proposed a new 4-year project. The project has an initial outlay of $65,000 and has expected cash flows of $19,000 in year 1, $24,000 in year 2, $28,000 in year 3, and $34,000 in year 4. The required rate of return is 12% for projects at this company. What is the discounted payback for this project?