Suppose a company has proposed a new 5-year project. The project has an initial outlay of $175,000 and has expected cash flows of $37,000 in year 1, $49,000 in year 2, $57,000 in year 3, $66,000 in year 4, and $77,000 in year 5. The required rate of return is 15% 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)