The management of Truelove Corporation is considering a project that would require an initial investment of $359,020 and would last for 7 years. The annual net operating income from the project would be $29,900, including depreciation of $47,160. At the end of the project, the scrap value of the project's assets would be $28,900. (Ignore income taxes.):

Required:

Determine the payback period of the project.