Olinick Corporation is considering a project that would require an investment of $$369,000$ 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 $ $255,000$

Variable expenses $25,000$

Contribution margin $230,000$

Fixed expenses:

Salaries $43,000$

Rents $56,000$

Depreciation $51,000$

Total fixed expenses $150,000$

Net operating income $ $80,000$

The scrap value of the project's assets at the end of the project would be $$33,000.$ The cash inflows occur evenly throughout the year. The payback period of the project is closest to: $($Round your answer to $1$ decimal place.$)$

Multiple Choice

$2\mathrm{.}8$ years

$4\mathrm{.}6$ years

$3\mathrm{.}5$ years

$2\mathrm{.}5$ years