12 Cardinal Company is considering a project that would require a $2,810,000 Investment In equipment with a useful life of five years. At the end of five years, the project would terminate and the equipment would be sold for its salvage value of $500,000. The company's discount rate is 16%. The project would provide net operating Income each year as follows: 25 points $2,847,000 1,121, see 1,726,000 02:50:51 Sales Variable expenses Contribution margin Fixed expenses: Advertising, salaries, and other fixed out-of-pocket costs Depreciation Total fixed expenses Net operating income $782,800 462,00 1,244,000 $ 482,000 Requlred: What is the project's payback period? (Round your answer to 2 decimal places.) Project's payback period