Wallowa Company is considering a long-term investment project called ZIP. ZIP will require an investment of $ 120,000. It will have a useful life of 4 years and no salvage value. Annual cash inflows would increase by $80,000, and annual cash outflows would increase by $ 40,000. Compute the cash payback period. (Round answer to 2 decimal places, e.g. 10.50.) Cash payback period 1.5 years