CHAPTER 24 PLEASE ANSWER ALL YELLOW SPACES

Lenitnes Company is considering an investment in technology to improve its operations. The investment will require an initial outlay of $264,000 and will yield the following expected cash flows. Management requires investments to have a payback period of 3 years, and it requires a 8% return on its investments. (PV of $1, FV of $1, PVA of $1, and FVA of $1) (Use appropriate factor(s) from the table provided.)

Period	Cash Flow
1	$123,800
2	92,200
3	70,500
4	52,900
5	48,800

Required:
1.	Determine the payback period for this investment. (Enter cash outflows with a minus sign. Round your Payback Period answer to 1 decimal place.)