Required information The Foundational 15 (LO13-1, LO13-2, LO13-3, LO13-5, LO13-6) (The following information applies to the questions displayed below.) Cardinal Company is considering a five-year project that would require a $2,915,000 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: $ 2,746,000 1,126,000 1,620,000 Sales Variable expenses Contribution margin Fixed expenses: Advertising, salaries, and other fixed out-of-pocket costs Depreciation Total fixed expenses Net operating income $ 615,000 583,000 1,198,000 $ 422,000 Click here to view Exhibit 13B-1 and Exhibit 13B-2, to determine the appropriate discount factor(s) using table. Foundational 13-7 7. What is the project's payback period? (Round your answer to 2 decimal places.) Project's payback period years