The management of Truelove Corporation is considering a project that would require an initial investment of $331,020 and would last for 7 years. The annual net operating income from the project would be $28,500, including depreciation of $43,360. At the end of the project, the scrap value of the project's assets would be $27,500. (Ignore income taxes.):

Required:

Determine the payback period of the project.