16. Assume that you are a Project Management in the large contract manufacturing biopharmaceutical facility, and you are leading a project to install new lab equipment at an upfront cost of $6.6 million. You estimate that the incremental monthly revenue from the new equipment will be $150,000/month in the initial two years, $200,000/month in years 3 and 4, and $300,000/month in the following two years. What is the payback period?

1. 3 years
2. 3 years and 3 months
3. 4 years
4. 4 years and 8 months
5. None of the above