Suppose your firm is considering investing in a project with the cash flows shown below, that the required rate of return on projects of this risk class is 8 percent, and that the maximum allowable payback and discounted payback statistics for the project are 3.5 and 4.5 years, respectively.

Time:	0	1	2	3	4	5	6
Cash flow:	$5,000	$1,200	$2,400	$1,600	$1,600	$1,400	$1,200

Use the payback decision rule to evaluate this project. (Round your answer to 2 decimal places.)