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: (Hint. Use Microsoft Excel to calculate the discount factor(s).) 6. What is the project's payback period? (Round your answer to 2 decimal places.)