Your firm has started a new project. The project has a cost of $75,000. The project is expected to generate free cash flows of $53,750 in year 1, $35,500 in year 2, $42,250 in year 3, $47,500 in year 4 and $51,450 in year 5. The required rate of return is 8.4% compounded annually. What is the payback period in years?