Olinick Corporation is considering a project that would require an investment of $359,000 and would last for 8 years. The incremental annual revenues and expenses generated by the project during those 8 years would be as follows (Ignore income taxes.): $225,000 23,000 202,000 Sales Variable expenses Contribution margin Fixed expenses: Salaries Rents Depreciation Total fixed expenses Net operating income 41,000 54,000 49,000 144,000 $ 58,000 The scrap value of the project's assets at the end of the project would be $31,000. The cash inflows occur evenly throughout the year. The payback period of the project is closest to: (Round your answer to 1 decimal place.) Multiple Choice 3.0 years