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Suppose a company has proposed a new 4-year project. The project has an initial outlay...

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Suppose a company has proposed a new 4-year project. The project has an initial outlay of $61,000 and has expected cash flows of $19,000 in year 1, $23,000 in year 2, $27,000 in year 3, and $33,000 in year 4. The required rate of return is 11% for projects at this company. What is the discounted payback for this project? (Answer to the nearest tenth of a year, e.g. 3.2)

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