The management of Truelove Corporation is considering a project that would require an initial investment of $340,970 and would last for 7 years. The annual net operating income from the project would be $29,000, including depreciation of $44,710. At the end of the project, the scrap value of the project's assets would be $28,000. (Ignore income taxes.):

Required:

Determine the payback period of the project.