Cardinal Company is considering a project that would require a $2,782,000 investment in equipment with a useful life of five years. At 12 the end of five years, the project would terminate and the equipment would be sold for its salvage value of $200,000. The company's discount rate is 18%. The project would provide net operating income each year as follows: Sales $2, 873,000 2.5 Variable expenses 1, 019, 000 points Contribution margin 1, 854, 000 Fixed expenses: 8 01:32:40 Advertising, salaries, and other fixed out-of-pocket costs $ 754,000 Depreciation 516, 400 Total fixed expenses 1, 270, 400 Net operating income $ 583 , 600 Required: What is the project's payback period? (Round your answer to 2 decimal places.) Project's payback period years