Jarvey Corporation is studying a project that would have a ten-year life and would require a $450,000 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 (Ignore income taxes.): 500,000 200,000 300,000 Sales Less cash variable expenses Contribution margin Less fixed expenses: Fixed cash expenses Depreciation expenses Net operating income 150,000 45,000 195,000 105,000 $ The company's required rate of return is 12%. What is the payback period for this project