Limon Corporation is considering a project that would require an initial investment of $580,000 and would last for 8 years. The incremental annual revenues and expenses for each of the years would be as follows: Sales $225,000 Variable Costs $ 64,000 Contribution Margin $161,000 Fixed Expenses Salaries $ 30,000 Rents $ 25,000 Depreciation $ 45,000 Total Fixed Expenses $100,000 Net Operating Income $ 61,000 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