Olinick Corporation is considering a project that would require an investment of $352,000 and would last for 8 years. The incremental annual revenues and expenses generated by the project during those 8 years would be as follows (Ignore income taxes.):

Sales	$	245,000
Variable expenses		19,000
Contribution margin		226,000
Fixed expenses:
Salaries		37,000
Rents		50,000
Depreciation		45,000
Total fixed expenses		132,000
Net operating income	$	94,000

The scrap value of the project's assets at the end of the project would be $27,000. The cash inflows occur evenly throughout the year. The payback period of the project is closest to: