Olinick Corporation is considering a project that would require an investment of $304,000 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.):

Sales	$	220,000
Variable expenses		23,000
Contribution margin		197,000
Fixed expenses:
Salaries		30,000
Rents		43,000
Depreciation		38,000
Total fixed expenses		111,000
Net operating income	$	86,000

The scrap value of the project's assets at the end of the project would be $20,000. The cash inflows occur evenly throughout the year. The payback period of the project is closest to: