Cardinal Company is considering a five-year project that would require a $2,890,000 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: Sales Variable expenses $ 2,739,000 1,100,000 1,639,000 Contribution margin Fixed expenses: Advertising, salaries, and other fixed out- of-pocket costs $ 641,000 Depreciation 578,000 Total fixed expenses Net operating income 1,219,000 $420,000 Click here to view Exhibit 12B-1 and Exhibit 12B-2, to determine the appropriate discount factor(s) using table. Foundational 12-14 (Algo) 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