Final Ex 1 Saved Help Save & Exit Olinick Corporation is considering a project that would require an investment of $374,000 and would last for 8 years. The incremental annual revenues and expenses generated by the project during those 8 years would be as follows (Ignore income taxes.): $270,000 26,000 244,000 Sales Variable expenses Contribution margin Fixed expenses: Salaries Rents Depreciation Total fixed expenses Net operating income 44,000 57,000 52,000 153,000 $ 91,000 The scrap value of the project's assets at the end of the project would be $34,000. The cash inflows occur evenly throughout the year. The payback period of the project is closest to: (Round your answer to 1 decimal place.) Multiple Choice