Hardware is adding a new product line that will require an investment of $ $1$ comma $480$ comma $000.$ Managers estimate that this investment will have a$10-$year life and generate net cash inflows of $ $285$ comma $000$ the first$$ year, $ $250$ comma $000$ the second$$ year, and $ $220$ comma $000$ each year thereafter for eight years. The investment has no residual value. Compute the payback period.Joe's Hardware is adding a new product line that will require an investment of $$1,480,000.$ Managers estimate that this

investment will have a $10-$year life and generate net cash inflows of $$285,000$ the first year, $$250,000$ the second year,

and $$220,000$ 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.$)$