Cardinal Company is considering a five-year project that would require a $2,500,000 investment in equipment with a useful life of five years and no salvage value. The company's discount rate is 12%. The project would provide net operating income in each of five years as follows: $2,853,000 1,200,000 1,653,000 Sales Variable expenses Contribution margin Fixed expenses: Advertising, salaries, and other 790,000 500,000 fixed out-of-pocket costs Depreciation Total fixed expenses Net operating income 1,290,000 $ 363,000 Click here to view Exhibit 138-1 and Exhibit 13B-2, to determine the appropriate discount factor(s) using table. 14. Assume a postaudit showed that all estimates (including total sales) were exactly correct except for the variable expense ratio, which actually turned out to be 50%, what was the project's actual payback period? (Round your answer to 2 decimal places.) Payback period years