Turner Hardware is adding a new product line that will require an investment of $1,450,000. Managers estimate that this investment will have a 10-year life and generate net cash inflows of $305,000 the first year, $295,000 the second year, and $235,000 each year thereafter for eight years. The investment has no residual value. Compute the payback period. First enter the formula, then calculate the payback period. (Round your answer to two decimal places.) + ( ) = Payback + . years First enter the formula, then calculate the payback period. (Round your answer to two decimal places.) + ) = Payback years Full years Partial years First enter the formula, then calculate the payback period. (Round your answer to two decimal places.) we Payback + ( +( [ years st Amount to complete recovery in next year ed! Initial investment Residual value ot Total net cash inflows First enter the formula, then calculate the payback period. (Round your answer to two decimal places.) + ( ) = Payback + . years Expected annual net cash inflow Future value Projected cash inflow in next year Residual value Total net cash inflows