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 Per Unit Total $ 98 $ ? Proposed (automation) 129,000 units Per Unit Total $ 98 $ ? $ 20 20 $ 20 Production and sales volume Sales revenue Variable costs Direct materials Direct labor Variable manufacturing overhead Total variable manufacturing costs Contribution margin Fixed manufacturing costs Net operating income $ 1,130,000 $ 2,160,000 3. Determine the project's payback period. (Round your answer to 2 decimal places.) Answer is complete but not entirely correct. Payback period 1.90 years