Harrison Corporation is studying a project that would have an eight-year life and would require a $300,000 investment in equipment which has no salvage value. The project would provide net operating income each year as follows for the life of the project $500,000 (200,000) 300,000 Sales cash variable expenses: Contribution Margirn Less Fixed Expenses: Fixed Cash Expenses 150,000 37,500 $112,500 Depreciation Expense Net Operating Income The company's required rate of return is 10%. The payback period for this project is closest to 3 years 2.5 years 2 years 2.67 years