You are evaluating a project that will cost $$451,000,$ but is expected to produce cash flows of $$120,000$ per year for $10$

years, with the first cash flow in one year. Your cost of capital is $11\mathrm{.}5\%$ and your company's preferred payback period is

three years or less.

a$.$ What is the payback period of this project?

b$.$ Should you take the project if you want to increase the value of the company?

a$.$ What is the payback period of this project?

The payback period is years. $($Round to two decimal places.$)$