What is the payback period on Popeye's purchase of a new pleasure boat for his tourist business? The expected cash flows appear below. (note: payback is in years; round to 2 decimals)
Year 0 cash flow = -10,500,000
Year 1 cash flow = 3,500,000
Year 2 cash flow = 4,000,000
Year 3 cash flow = 4,200,000
Year 4 cash flow = 3,300,000
Year 5 cash flow = 3,100,000
Year 6 cash flow = 4,000,000