Based on the information given the payback period is 5.80 years.
Using this formula
Payback​ period = Net initial investment  / Estimated annual cash inflow
Where:
Net initial investment=$2,900,000
Estimated annual cash inflow=$500,000
Let plug in the formula
Payback​ period=$2,900,000/$500,000
Payback​ period=5.80 years
Inconclusion the payback period is 5.80 years.
Learn more about payback period here:https://brainly.com/question/23149718