14 14 of 15 Required information i The Foundational 15 (Algo) (LO12-1, LO12-2, LO12-3, LO12-5, LO12-6) [The following information applies to the questions displayed below Cardinal Company is considering a five-year project that would require a $3,025.000 investment in equipment with a useful life of five years and no salvage value. The company's discount rate is 16%. The project would provide net operating income in each of five years as follows: Sales Variable expenses pped Contribution margin Fixed expenses ok Advertising, salaries, and other fixed out-of-pocket costs Depreciation 52,737,000 1,001,000 3,736,000 $610,000 605,000 Total fixed expenses Net operating Incone 1,215,000 $ 521,000 4 Click here to view Exhibit 128-1 and Exhibit 128-2. to determine the appropriate discount factor(s) using table. ces Foundational 12-14 (Algo) 14. Assume a postaudit showed that all estimates (including total sales) were exactly correct except for the variable expense ratio, which actually turned out to be 50%. What was the project's actual payback period? (Round your answer to 2 decimal places.) Payback period years Check my work