Exhibit 13 B-1 is the present value of $1 table and Exhibit 13 B-2 is the present value of an annuity of $1 in Arrears

Required information [The following information applies to the questions displayed below. Cardinal Company is considering a five-year project that would require a $2,850,000 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: $ 2,857,000 1,011,000 1,846,000 Sales Variable expenses Contribution margin Fixed expenses: Advertising, salaries, and other fixed out-of-pocket costs $ 799,000 Depreciation 570,000 Total fixed expenses Net operating income 1,369,000 477,000 $ Click here to view Exhibit 13B-1 and Exhibit 13B-2, to determine the appropriate discount factor(s) using table. 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 years