1. The net cash flows associated with a proposed investment costing $1,000,000 is as follows:

   Year Cash Flow

   1 $225,000

   2 $250,000

   3 $325,000

   4 $400,000

   5 $400,000

   What is the cash payback period?

   		3 years
   		4.5 years
   		4 years
   		3.5 years