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 requiring a $$2,955,000$ investment in equipment with a useful life

of five years and no salvage value. The company's discount rate is $16\%.$ The project would provide net operating

income in each of five years as follows:

Click here to view Exhibit $12$B$-1$ and Exhibit $12$B$-2,$ to determine the appropriate 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 variable expense ratio,

which actually turned out to be $45\%.$ What was the project's actual payback period? $($Round your answer to $2$ decimal places.$)$