veal t is evalsating a capital investment project that requires an initial investment of 304 000 in new equipment. The annual revenues and expenses generated by this project each year ing t 20 year life are as follows $200,000 (65,000) $135,000 Sales Variable costs Contribution margin Fixed costs: Salary expense Rent expense Depreciation expense 30,000 (85,000) $15,000 40,000 Operating income $50,000 The only non-cash item of income or expense is depreciation expense. The residual value of the equipment at the end of the 10 years is $20,000. What is the payback period of this project in years round to nearest tenth of a year)? 4.8 7.7 2.8 4.6 0 7.3