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 $3\mathrm{.}5$ and $4\mathrm{.}5$ years, respectively.

Time: $0123456$

Cash flow: $$$ $5,100$ $ $1,240$ $ $2,440$ $ $1,640$ $ $1,560$ $ $1,440$ $ $1,240$

Use the payback decision rule to evaluate this project.

Note: Round your answer to $2$ decimal places.