Laws of Motion : Connected motion

(Please see the attached file for detailed problem and fig.)

The two blocks, m1 = 3.0 kg and m2 = 4.9 kg, in the figure (see attachment) are connected by a massless rope that passes over a pulley. The pulley is 12 cm in diameter and has a mass of 2.0 kg. As the pulley turns, friction at the axle exerts a torque of magnitude 0.38 Nm. If the blocks are released from rest, how long does it take the 4.9 kg block to reach the floor from a height of h = 1.0 m?