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Cardinal Company is considering a project that would require a $2,915,000 investment in equipment with a useful life of five years. At the end of five years, the project would terminate and the equipment would be sold for its salvage value of $300,000. The company's discount rate is 12%. The project would provide net operating income each year as follows: $2,746,000 1,126,000 1,620,000 Sales Variable expenses Contribution margin Fixed expenses: Advertising, salaries, and other fixed out-of-pocket costs Depreciation Total fixed expenses Net operating income $615,000 523,000 1,138,000 $ 482,000 Required: What is the project's payback period? (Round your answer to 2 decimal places.) Project's payback period years