The Uptown Corporation has been presented with an investment opportunity which will yield end-of-year cash flows of $48,000 per year in Years 1 through 4, and $120,000 in Year 5. This investment will cost the firm $235,000 today, and the firm's cost of capital is 12 percent. What is the payback period for this investment? Round it to two decimal places, e.g., 3.46.