The Mayall Corporation is considering a capital investment that costs $1,600 and expects that it would increase net cash flows by $500 in year 1, $600 in year 2, $700 in year 3 and $900 in year 4 after which it will be worthless. What is the cash payback period for the investment (rounded to two decimal places)?

The Mayall Corporation is considering a capital investment that costs $1,600 and expects that it would increase net cash flows by $500 in year 1,$600 in year 2,$700 in year 3 and $900 in year 4 after which it will be worthless. What is the cash payback period for the investment (rounded to two decimal places)