Tumer rardware is adding a new product line that will require an investment of $1,480,000. Managers estimate that this investment will have a 10-year life and generate net cash inflows of $330,000 the first year, 270,000 the second year, and $230,000 each year thereafter for eight years. The investment has no residual value. Compute the payback period

5270.002 the second year and $230.006 each yeat thereatter for elget years. The imvestment has no residual vilus Contpuse the payback perisd I vit eriter the formula. Fren calculate the naybsck period. (Round your afswer ts two decimal claces ) First enter the formula, then calculate the payback period. (Round your answer to two decimal places.)