Required information The following information applies to the questions displayed below.j Cardinal Company is considering a five-year project that would require a $2,955,000 investment in equipment with a useful life of five years and no salvage value. The company's discount rate is 18%. The project would provide net operating income in each of five years as follows $2,865,000 1,015,000 Sales Variable expenses Contribution margin Fixed expenses: 1,850,000 Advertising, salaries, and other fixed out-of-pocket costs $750,000 591,000 Depreciation Total fixed expenses Net operating income 1,341,000 $ 509,000 Click here to view Exhibit 12B-1 and Exhibit 12B-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.) Answer is complete but not entirely correct. Project's payback period 3.06 years