Cardinal Company is considering a project that would require a $2,765,000 investment in equipment with a useful life of five years. At the end of five years, the project would terminate and the equipment would be sold for its salvage value of $300,000. The company's discount rate is 14%. The project would provide net operating income each year as follows: $2,851,000 1,150,000 1,701,000 Sales Variable expenses Contribution margin Fixed expenses: Advertising, salaries, and other fixed out-of-pocket costs Depreciation Total fixed expenses Net operating income $670,000 [ 493 , 1,163,000 $ 538,000 Required: What is the project's payback period? (Round your answer to 2 decimal places.) Project's payback period years