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 7 percent, and that the maximum allowable payback and discounted payback statistics for the project are 2.0 and 3.0 years, respectively.

Time:	0	1	2	3	4	5	6
Cash flow:	$ 4,700	$ 1,170	$ 2,370	$ 1,570	$ 1,570	$ 1,370	$ 1,170

Use the discounted payback decision rule to evaluate this project.

Note: Round your answer to 2 decimal places.