Olinick Corporation is considering a project that would require an investment of $349,000 and would last for 8 years. The Incremental annual revenues and expenses generated by the project during those 8 years would be as follows (gnore income taxes.): $220,000 21,000 199,000 Sales Variable expenses Contribution margin Fixed expenses: Salaries Rents Depreciation Total fixed expenses Net operating income 39,000 52,000 47,000 138,000 $ 61,000 The scrap value of the project's assets at the end of the project would be $29,000. 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 The scrap value of the project's assets at the end of the project would be $29,000. 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 O 3.2 years 40 years 57 years 29 years