Olinick Corporation is considering a project that would require an investment of $344,000 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.); $260,000 20,000 240,000 Sales Variable expenses Contribution margin Fixed expenses: Salaries Rents Depreciation Total fixed expenses Net operating income 38,000 51,000 46,000 135,000 $105,000 The scrap value of the project's assets at the end of the project would be $28,000. The cash inflows occur eveply throughout the year. The payback period of the project is closest to: (Round your answer to 1 decimal place.)