Fillal kallt Saved Cardinal Company is considering a project that would require a $2,810,000 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 $500,000. The company's discount rate is 16%. The project would provide net operating Income each year as follows: $2,847, 900 1,121, eee 1,726, eee Sales Variable expenses Contribution margin Fixed expenses: Advertising, salaries, and other fixed out-of-pocket costs Depreciation Total fixed expenses Net operating income $782,000 462,000 1,244, eee $ 482, 280 Required: What is the project's payback period? (Round your answer to 2 decimal places.) Project's payback period years