The Foundational 15 (L012-1, L012-2, L012-3, L012-5, L012-6) [The following information applies to the questions displayed below) Cardinal Company is considering a five-year project that would require a $3,025,000 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: $2,737,000 1,001,000 1,736,000 Sales Variable expenses Contribution margin Fixed expenses: Advertising, solaries, and other fixed out-of-pocket costs Depreciation Total fixed expenses Net operating income $610,000 605,000 1,215,000 3521,000 Click here to view Exhibit 128:1 and Exhibit 128:2. to determine the appropriate discount factor(s) using table, Foundational 12-14 14. Assume a postaudit showed that all estimates (including total sales) were exactly correct except for the variable expense ratio, which actually turned out to be 50%. What was the project's actual payback period? (Round your answer to 2 decimal places.) Payback period years