Year Cash Flow

0- 110000

1- 30000

2- 40000

3- 20000

4- 30000

5- 20000

6- 20000

Given the cash flows in the table above, calculate the payback period assuming the cash flows in years 1 to 4 occur evenly throughout the year. The required rate of return is 12%.

Answer in years accurate to two decimal places.