You are the financial analyst for the Oberon Company. The director of capital budgeting has asked you to analyze a proposed capital investment. The project has a cost of $35,000 and the cost of capital is 7.5%. The projects expected net cash flows are as follows:

Data for Problems 11 15 Year Expected Net Cash Flow

Year / Expected Cash Flow

0 / ($35,000)

1 / $14,500

2 / $11,000

3 / $11,000

4 / $5,000

If the cash inflows are received throughout the year, the projects discounted payback period is ___ years (Fill in the blank with your calculation result of two decimal places).