Required information The Foundational 15 (L012-1, LO12-2, L012-3, L012-5, LO12-6) (The following information applies to the questions displayed below. 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 16%. The project would provide net operating income in each of five years as follows: Sales $2,871,000 Variable expenses 1,018,000 Contribution margin 1,853,000 Fixed expenses: Advertising, salaries, and other fixed out-of-pocket costs $ 753,000 Depreciation 591,000 Total fixed expenses 1,344,000 Net operating income 509,000 Click here to view Exhibit 12B-1 and Exhibit 12B-2, to determine the appropriate discount factor(s) using table Foundational 12-14 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 to 2 decimal places.) Payback period years