The following details are provided by a manufacturing company: Product line Investment $ 1 comma 000 comma 000 Useful life 15 years Estimated annual net cash inflows for first year $ 500 comma 000 Estimated annual net cash inflows for second year $ 430 comma 000 Estimated annual net cash inflows for next ten years $ 140 comma 000 Residual value $ 70 comma 000 Depreciation method Straightminusline Required rate of return 15% Calculate the payback period for the investment. (Round your answer to two decimal places.)