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 $($Ignore income taxes.$)$:

Sales $ $220,000$

Variable expenses $21,000$

Contribution margin $199,000$

Fixed expenses:

Salaries $39,000$

Rents $52,000$

Depreciation $47,000$

Total fixed expenses $138,000$

Net operating income $ $61,000$

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: