27 16 206 Required information The following information applies to the questions displayed below.) Cardinal Company is considering a five-year project requiring a $2,860,000 investment in equipment with a useful life of five years and no salvage value. The company's discount rate is 14%. The project would provide net operating income in each of five years as follows: Sales Variable expenses Contribution margin Fixed expenses: Advertising, salaries, and other fixed out-of-pocket costs Depreciation Total fixed expenses $ 2,859,000 1,100,000 1,759,000 $ 700,000 572,000 1,272,000 $ 487,000 Net operating income Present Value Tables provided earlier in exam. 7. What is the project's payback period? Note: Round your answer to 2 decimal places. Project's payback period years