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 $ 2,847,000 Variable expenses 1,121,000 Contribution margin 1,726,690 Fixed expenses: Advertising, salaries, and other fixed out- of-pocket costs $ 782,000 Depreciation 562,000 Total fixed expenses 1,344,000 Net operating income $ 382,000 Click here to view Exhibit 128.1 and Exhibit 128-2 to determine the appropriate discount factor(s) using table, Foundational 12-14 (Algo) 14. Assume a postaudit showed that all estimates (including total sales) were exactly correct except for the variable expense ratio, which actually turned out to be 45%. What was the project's actual payback period? (Round your answer to 2 decimal places.) Payback period Tyears