Required information

The Foundational $15($Algo$)[$LO$12-1,$ LO$12-2,$ LO$12-3,$ LO$12-5,$ LO$12-6]$

$[$The following information applies to the questions displayed below.$]$

Cardinal Company is considering a five$-$year project that would require a $$2,955,000$

Investment In equipment with a useful Ilfe of five years and no salvage value. The company's

discount rate is $18\%.$ The project would provide net operating income in each of five years as

follows:

Click here to view Exhiblt $12$B$-1$ and Exhibit $12$B$-2,$ to determine the approprlate discount

factor$($s$)$ using table.

Foundational $12-14($Algo$)$

Assume a postaudit showed that all estimates $($Including total sales$)$ were exactly correct except for the

varlable expense ratio, which actually turned out to be $45\%.$ What was the project's actual payback perlod?

$($Round your answer to $2$ decimal places.$)$