Calculate the payback period of the following project. The required Initial Investment is $357,030 and its expected life is 7 years. Expected annual net operating Income from the project is $29,800. Including depreciation of $46,890. At the end of the project, the salvage value of the assets is expected to be $28,800. (Ignore Income taxes.): Required: The payback period is: (Round your answer to 2 decimal places.) Payback period years