Required information. [The following information applies to the questions displayed below.] Cardinal Company is considering a five-year project that would require a $2,810,000 investment in equipment with a useful life of five years and no salvage value. The company's discount rate is 16%. The project would provide net operating Income in each of five years as follows: Sales Variable expenses Contribution margin Fixed expensess Advertising, salaries, and other fixed out-of-pocket costs Depreciation Total fixed expenses Net operating income $2,847,000 1,121,000 1,726,000 $782,000 562,000 1,344,000 $ 302,000 Click here to view Exhibit 13B-1 and Exhibit 138-2, 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 45%. What was the project's actual payback period? (Round your answer lo 2 decimal places.) Dahark and Iyears