Fowkes Corporation is considering a project that would require an initial investment of $280,000 and would last for 8 years. The incremental annual revenues and expenses for each of the years would be as follows: Sales $142,000 Variable Costs $ 51,000 Contribution Margin $91,000 Fixed Expenses Salaries $ 30,000 Rents $ 15,000 Depreciation $ 38,000 Total Fixed Expenses $ 83,000 Net Operating Income $8,000 At the end of the project, the salvage value of the project's assets would be $12,000 Required Determine the payback period of the project. Show your work