Ostermeyer Corporation is considering a project that would require an initial investment of $$367,000$ and would last for $9$ years. The incremental annual revenues and expenses for each of the $9$ years would be as follows $($Ignore income taxes.$)$:

Sales $ $228,000$

Variable expenses $58,000$

Contribution margin $170,000$

Fixed expenses:

Salaries $ $28,000$

Rents $38,000$

Depreciation $36,000$

Total fixed expenses $102,000$

Net operating income $ $68,000$

At the end of the project, the scrap value of the project's assets would be $$19,000.$

Required:

Determine the payback period of the project.

Note: Round your answer to $2$ decimal places.