Oxalis Corporation is considering a project that would require an investment of $374,000 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	$	270,000
Variable expenses		26,000
Contribution margin		244,000
Fixed expenses:
Salaries		44,000
Rents		57,000
Depreciation		52,000
Total fixed expenses		153,000
Net operating income	$	91,000

The scrap value of the project's assets at the end of the project would be $34,000. The cash inflows occur evenly throughout the year. The payback period of the project is closest to: (Round your answer to 1 decimal place.)