Payback; ARR Portsmouth Port Services creates and maintains shipping channels at various ports around the world. The company is considering the purchase of a $72,000,000 ocean-going dredge that has a five-year life and no salvage value. The company depreciates assets on a straight-line basis. This equipment's expected annual cash flow on a before-tax basis is $20,000,000. Ports-mouth requires that an investment be recouped in less than five years and have a pre-tax accounting rate of return of at least 18 percent. a. Compute the payback period for this equipment. Note: Round your answer to one decimal place (i.e. round 4.3555 to 4.4)