! Required information [The following information applies to the questions displayed below) Cardinal Company is considering a five-year project that would require a $2,870.000 investment in equipment with a useful life of five years and no salvage value. The company's discount rate is 12%. The project would provide net operating Income in each of five years as follows: 15 $ 2,660,000 1,101.000 1,760,000 Sales Variable expenses Contribution margin Fixed expenses Advertisins. salaries, and other fixed out-of-pocket costs Depreciation Total Fixed expenses Net operating income $705,000 574, 1,279.000 481,000 Click here to view Exhibit 148.1 and Exhibit 14B-2, to determine the appropriate discount factor(s) using table. 14. Assume a postaudit showed that all estimates (including total sales) were exactly correct except for the variable expense ratio which actually turned out to be 50%. What was the project's actual payback period? (Round your answer to 2 decimal places.) Payback period years