A project manager is assigned to a project early in the project lifecycle. One of the things that must be done is to do a justification for the project. Since very little information is known about the project, the estimates are considered to be rough estimates. The following table is the project managers estimate of the cash flow that will take place over the next five years. What is the payback period for this project?

End of Year	Revenues	Project Expenses
0		$700,000
1	$230,000	$100,000
2	$275,000	$95,000
3	$300,000
4	$350,000
5	$524,000