What is the payback period for the following set of cash flows? (Round your answer to 2 decimal places, e.g., 32.16.) Note: You should assume that cash flows occur evenly throughout the year. For example, if the project pays off during the third year, and it has more than paid for itself by the end of the year, you need to find the precise point in the year at which the project pays off. E.g. if the project has $5000 left to be paid after two years, and the year three cash flow is $10,000, then the project breaks even halfway through the year, and the payback period is 2.5 years. Year Cash Flow 0 $4,800 1 Nm 1,175 1,375 2,175 1,275 4 Payback period years