Safari File Edit View History Bookmarks Window Help Q 8 0 Fri Jun 24 1:41 PM ... ED V ezto.mheducation.com + 88 Student -... PRM-1111... M Inbox - sil... M Question.. C Cardinal C... C Cardinal C... Paraphrase.. C Existing.. C Cardinal... Course H... DOCX Quiz #6 covering Chapter 10 Saved Help Save & Exit Submit are Project ...1 Group 3 2 Foundational 10-14 (LO1 - CC3, 4; LO2 - CC10, 13, 14) Cardinal Company is considering a project that would require a $2,875,000 investment in equipment with a useful life of five years. At the end of five years, the project would terminate and the equipment would be sold for its salvage value of $300,000. The company's discount rate is 16%. The project would provide net operating income each year as follows: ications 2 points Sales $2, 871, 000 01:03:21 Variable expenses 1, 018, 000 DOCX Contribution margin 1, 853, 000 Fixed expenses: Assignment Advertising, salaries, and other fixed out-of-pocket A...0242058 costs $ 753, 000 Depreciation 515, 000 Total fixed expenses 1, 268, 000 Net operating income $ 585, 000 Required: Assume a postaudit showed that all estimates (including total sales) were exactly correct except for the variable expense ratio, which DOCX actually turned out to be 45%. What was the project's actual payback period? (Round your answer to 2 decimal places.) IMENT2- 0242058 Payback period years ocx Domnic r letter Mc Domnic Graw r letter Hill JUN 24 W