What is the payback period on Popeye's purchase of a new pleasure boat for his tourist business? The expected cash flows appear below. $($note: payback is in years; round to $2$ decimals$)$

Year $0$ cash flow $=-10,500,000$

Year $1$ cash flow $=3,500,000$

Year $2$ cash flow $=4,000,000$

Year $3$ cash flow $=4,200,000$

Year $4$ cash flow $=3,300,000$

Year $5$ cash flow $=3,100,000$

Year $6$ cash flow $=4,000,000$

Answer