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! 4 Part 4 of 5 1 points 01:38:21 Required information The Foundational 15 (Algo) [LO14-1, LO14-2, LO14-3, LO14-5, LO14-6] [The following information applies

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! 4 Part 4 of 5 1 points 01:38:21 Required information The Foundational 15 (Algo) [LO14-1, LO14-2, LO14-3, LO14-5, LO14-6] [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 Contribution margin Fixed expenses: Advertising, salaries, and other fixed out-of-pocket costs Depreciation $ 610,000 605,000 $ 2,737,000 1,001,000 1,736,000 eBook Total fixed expenses Net operating income Print 1,215,000 $ 521,000 Click here to view Exhibit 14B-1 and Exhibit 14B-2, to determine the appropriate discount factor(s) using table. Foundational 14-7 (Algo) 7. What is the project's payback period? (Round your answer to 2 decimal places.) Project's payback period years

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