Saved 3 Cardinal Company is considering a project that would require a $2,765,000 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 $200,000. The company's discount rate is 12%. The project would provide net operating income each year as follows: $2,861,000 1,101,000 1,760,000 Sales Variable expenses Contribution margin Fixed expenses: Advertising, salaries, and other fixed out-of-pocket costs Depreciation Total fixed expenses Net operating income 03:08:19 $ 705,000 513,000 1,218,000 $ 542,000 Required: What is the project's payback period? (Round your answer to 2 decimal places.) Project's payback period years