Question: Consider a project with an initial investment (today, t = 0) of $264,575. This project will generate cash flows of $48,500 per year for the

Consider a project with an initial investment (today, t = 0) of $264,575. This project will generate cash flows of $48,500 per year for the next 6 years. The remaining assets will be sold for scrap for 8,550 at the end of Year 6. What is the payback period for the project? Answer with a number rounded to three decimal places, e.g., 4.0877 should be entered as 4.088.

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