Cardinal Company is considering a five-year project that would require a $2,945,000 investment in equipment with a useful life of five years and no salvage value. The company's discount rate is 18%. The project would provide net operating income in each of five years as follows: Click here to view Exhibit 148-1 and Exhibit 148-2, to determine the appropriate discount factor(s) using table. Assume a postaudit showed that all estimates (including total sales) were exactly correct except for the variable expense ratio. hich actually turned out to be 45%. What was the project's actual payback period? (Round your answer to 2 decimal places.)