Ostermeyer Corporation is considering a project that would require an initial investment of $647,000 and would last for 7 years. The incremental annual revenues and expenses for each of the 7 years would be as follows (Ignore income taxes.): At the end of the project, the scrap value of the project's assets would be $26,000. Required: Determine the payback period of the project. Note: Round your answer to 2 decimal places