Suppose a company has proposed a new 5-year project. The project has an initial outlay of $173,000 and has expected cash flows of $40,000 in year 1, $46,000 in year 2, $58,000 in year 3, $67,000 in year 4, and $79,000 in year 5. The required rate of return is 12% for projects at this company. What is the discounted payback for this project? (Answer to the nearest tenth of a year, e.g. 3.2)