Texas Roadhouse Steak Co. is considering getting into operation. The company needs to purchase a land and construct a new outlet. The land, which would be bought immediately (at t = 0), has a cost of $100,000 and the outlet, which would be erected at the end of the first year (t = 1), would cost $150,000. It is estimated that the company's after-tax cash flow will be $80,000 starting at the end of the second year, and that this incremental flow would increase at a 15 percent rate annually over the next 8 years. What is the approximate payback period ? Please do work step by step to be able to understand how to work out problem on paper.