Rex Industries plans to expand its product line. The project require an initial investment of 5000 to purchase new equipment. The annual revenues and expenses generated by this project each year during its earlife are as follows: Sales revenues $170.000 Variable costs (38,000) Contribution margin $132,000 Fixed costs: Salary expense $31.000 Rent expense 39,000 Depreciation expense 30,000 (100,000) Operating income $32,000 The only non-cash item of income or expense is depreciation expense. The salvage value of the equipment at the end of the 9 years is $15,000. What is the payback period of this project in years? (Round to one decimal point.) 089 5.3 046 O 22