Cardinal Company is considering a project that would require a $2,810,000 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 16%. The project would provide net operating income each year as follows: 52,847,000 1.121,000 1.725,000 5.5 Bales Variable expenses Contribution margin Fixed expenses Advertising. salaries, and other fixed out-of-pocket bota Depreciation Total fixed expenses Net operating income 9782,000 462.000 1,240,000 $ 202,000 Required: What is the project's payback period? (Round your answer to 2 decimal places.) Project payhack period yews