The Hanna Company uses straightline depreciation and is considering a capital expenditure for which the following relevant cash flow data have been estimated: Estimated useful life: 3 years Initial investment: $500,000 Savings year 1: $210,000 Savings year 2: $150,000 Savings year 3: $225,000 Savings year 4: $225,000 Residual value after 4 yrs $ 50,000 The payback period is___________