Required information The Foundational 15 (LO12-1, L012-2, L012-3, L012-5, L012-6) {The following information applies to the questions displayed below) Cardinal Company is considering a five-year project that would require a $2,850,000 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: $ 2,057,000 1011,000 3,546,000 Sales Variable expenses Contribution margin Fixed expenses Advertising, salaries, and other fixed out-of-pocket costs Depreciation Total fixed expenses Net operating income $799,000 570,000 1 369,000 477,000 Click here to view Exhibit:12B-1 and Exhibit 120.2. to determine the appropriate discount factors) 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