Determine the projects payback period (round to 2 decimal places)

Beacon Company is considering automating its production facility. The Initial investment in automation would be $7.44 million, and the equipment has a useful life of 6 years with a residual value of $1,020,000. The company will use straight-line depreciation. Beacon could expect a production increase of 48,000 units per year and a reduction of 20 percent in the labor cost per unit. 3. Determine the project's payback period. (Round your answer to 2 decimal places.)