(CH9 Problem 20) Adam, Inc. has come up with a new product. Adam paid $73,000 for a marketing survey to determine the viability of the product. It is felt that the product will generate sales of $5,735,400 per year. The fixed costs associated with this will be $1,574,000 per year, and variable costs will amount to 33 percent of sales. The equipment necessary for the production of the product will cost $5,992,000 and will be depreciated in a straight-line manner for the 8 years of the product life. This is the only initial cost for the production. Adam has a tax rate of 45 percent and a required return of 14.4 percent. Calculate the payback period. Do not round intermediate computations. Round your final answer to the nearest hundredth (i.e. xx.xx)