12 Cardinal Company is considering a project that would require a $2,815.000 investment in equipment with a useful life of five years. At the end of five years, the project would terminate and the equipment would be sold for its salvage value of $500,000 The company's discount rate is 18%. The project would provide net operating income each year as follows: 25 points $2,865,000 1,015, 000 1,850,000 Sales Variable expenses Contribution margin Fixed expenses Advertising, salaries, and other fixed out-of-pocket costs Depreciation Total fixed expenses Net operating income 02.5713 $750,000 463,000 1,213,000 $ 637,000 Required: What is the project's payback period? (Round your answer to 2 decimal places.) Project's payback period years