Required information The Foundational 15 (Algo) [LO14-1, LO14-2, LO14-3, LO14-5, LO14-6] [The following information applies to the questions displayed below.] Cardinal Company is considering a five-year project that would require a $2,845,000 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: Sales Variable expenses Contribution margin Fixed expenses: fixed out-of-pocket costs Depreciation $ 2,869,000 1,126,000 1,743,000 Advertising, salaries, and other $ 709,000 569,000 Total fixed expenses 1,278,000 $ 465,000 Net operating income Click here to view Exhibit 14B-1 and Exhibit 14B-2, to determine the appropriate discount factor(s) using table. Foundational 14-7 (Algo) 7. What is the project's payback period? (Round your answer to 2 decimal places.) Project's payback period years