Question 12 (4 points) (ignore income taxes in this problem) Harris, Inc. is studying a project that would have an eight-year life and would require a $300,000 investment in equipment that would have no salvage value at the end of the eight-year life. The project would provide net operating income each year as follows for the life of the project: $500,000 $200,000 $300,000 Sales Less variable expenses Contribution margin Less fixed expenses: Cash fixed expenses Depreciation expenses Net operating income $150,000 $37.500 $187.500 $112,500 Compute the payback period for this project. Show your work for chance at partial credit