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.) Sales $260,000 Variable expenses Contribution margin Fixed expenses: 20,000 240,000 Salaries 38,000 Rents 51,000 Depreciation 46,000 Total fixed expenses 135,000 $105,000 Net operating income The scrap value of the project's assets at the end of the project would be $28,000. The cash inflows occur evenly throughout the year. The payback period of the project is closest to Multiple Choice 2.3 years 3.3 years 2.2 years 2.6 years