Oxalis 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 Variable expenses Contribution margin Fixed expenses: Salaries Rents Depreciation Total fixed expenses Net operating income $220,000 23,000 197,000 30,000 43,000 38,000 111,000 $ 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: (Round your answer to 1 decimal place.)