[The following information applies to the questions displayed below.] Cardinal Company is considering a five-year project that would require a $2,812,000 investment in equipment with a useful life of five years and no salvage value. The company's discount rate is 16%. The project would provide net operating income In each of five years as follows: Sales Variable expenses Contribution margin Fixed expenses: out-of-pocket costs Advertising, salaries, and other fixed Depreciation Total fixed expenses $ 798,000 562,400 $ 2,855,000 1,010,000 1,845,000 Net operating income 1,360,400 $ 484,600 Click here to view Exhibit 14B-1 and Exhibit 14B-2. to determine the appropriate discount factor(s) using table. 7. What is the project's payback period? (Round your answer to 2 decimal places.) Project's payback penod years