Required information [The following information applies to the questions displayed below.] Beacon Company is considering automating its production facility. The initial investment in automation would be $11.02 million, and the equipment has a useful life of 9 years with a residual value of $1,030,000. The company will use straight- line depreciation. Beacon could expect a production increase of 41,000 units per year and a reduction of 20 percent in the labor cost per unit. Current (no automation) 88,000 units Proposed (automation) 129,000 units Per Per Production and sales volume Unit Unit Total Total Sales revenue Variable costs $ 98 $ 98 Direct materials Direct labor $ 20 $ 20 20 Variable manufacturing overhead Total variable manufacturing costs Contribution margin Fixed manufacturing costs 9. 49 $ 49 $ 53 $ 1,130,000 $ 2,160,00e Net operating income 3. Determine the project's payback period. (Round your answer to 2 decimal places.) Payback period years