Archer Hardware is adding a new product line that will require an

investment of $$1,520,000.$ Managers estimate that this investment will

have a $10-$year life and generate net cash inflows of $$305,000$ the

first year, $$285,000$ the second year, and $$225,000$ each year

thereafter for eight years. The investment has no residual value.

Compute the payback period.

First enter the formula, then calculate the payback period. $($Round your

answer to two decimal places.$)$