A cоmpаny is studying а prоject thаt wоuld have a ten-year life and would require a $450,000 investment in equipment which has no salvage value. The project would provide net operating income each year as follows for the life of the project: Sales $ 500,000 Less cash variable expenses 200,000 Contribution margin 300,000 Less fixed expenses: Fixed cash expenses $ 150,000 Depreciation expenses 45,000 195,000 Net operating income $ 105,000 The scrap value of the project's assets at the end of the project would be $20,000. The cash inflows occur evenly throughout the year. The payback period of the project is closest to: