Solve the following problem using the formula $P=2 \pi \sqrt{\frac{L}{32}}$, where $P$, the period of a pendulum in seconds, depends on $L$, its length in feet. Determine the period if the length is 8.5 feet. Round to two decimal places.

Step 1 ：We are given the formula for the period of a pendulum, \(P=2 \pi \sqrt{\frac{L}{32}}\), and we are asked to find the period when the length is 8.5 feet. We can substitute \(L=8.5\) into the formula and calculate the result. We should round the result to two decimal places as per the question's instructions.

Step 2 ：After executing this calculation, we will get the period of the pendulum rounded to two decimal places.

Step 3 ：Final Answer: The period of the pendulum when the length is 8.5 feet is approximately \(\boxed{3.24}\) seconds.