Olinick Corporation is considering a project that would require an investment of $324,000 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	$ 200,000
Variable expenses	27,000
Contribution margin	173,000
Fixed expenses:
Salaries	34,000
Rents	47,000
Depreciation	42,000
Total fixed expenses	123,000
Net operating income	$ 50,000

The scrap value of the project's assets at the end of the project would be $24,000. The cash inflows occur evenly throughout the year. The payback period of the project is closest to: (Round your answer to 1 decimal place.)