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Cardinal Company is considering a five$-$year project that would require a $$2,975,000$ investment in equipment with a useful life of five years and no salvage value. The company's discount rate is $14\%.$ The project would provide net operating income in each of five years as follows:

Click here to view Exhibit $14$B$-1$ and Exhibit $14$B$-2,$ to determine the appropriate discount factor$($s$)$ using table.

$7.$ What is the project's payback period? $($Round your answer to $2$ decimal places.$)$

Project's payback period

years