9 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: 5 Ants $2,847,000 1.121,000 1,726,000 02:09:49 Sales Variable expenses Contribution margin Fixed expenses! Advertising, salaries, and other fixed out-of-pocket casts Depreciation Total fixed expenses Net operating income 5782,000 462,000 1.246,000 $ 482,000 Required: What is the project's payback period? (Round your answer to 2 decimal places.) Prolochu payback period Year