Cardinal Company is considering a five-year project that would require a $2,810,000 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: $2,847,000 1,121,000 1,726,000 Advertising, salaries, and other fixed out-of-pocket costs Depreciation $782,000 562,000 3201,344,000 Total fixed expenses Net operating income $ 382,000 Click here to view Exhibit 13B-1 and Exhibit 138-2, to determine the appropriate discount factor(s) using table. 7. What is the project's payback period? (Round your answer to 2 decimal places.) Project's payback period years