Cardinal Company is considering a five-year project that would require a $2,765,000 investment in equipment with a useful life of five years and no salvage value. The company's discount rate is 14%. The project would provide net operating income in each of five years as follows: Sales Variable expenses $2,851,000 1,150,000 1,701,000 Contribution margin Fixed expenses Advertising, salaries, and other out-of-pocket costs Depreciation $ 670,000 553,000 Total fixed expenses 1,223,000 Net operating income $ 478,000 (Hint Use Microsoft Excel to calculate the discount factor(s)) What is the project's payback period? (Round your answer to 2 decimal places.)