A project has the following cash flows. What is the payback period?

A project has the following cash flows. What is the payback period?

Year Cash Flow
0 -$92,000
1 27,000
2 45,800
3 16,800
4 11,200

a. 2.48 years
b. 2.59 years
c. 2.96 years
d. 3.21 years
e. 3.43 years