5. Daffodil Technologies is considering a project with the after-tax cash flows below. If the initial outlay is $1,500,000, what is the payback period of this project?

End of Year	After tax cash flow
1	$200,000
2	$600,000
3	$600,000
4	$400,000
5	$500,000

a. 3.00 years

b. 3.25 years

c. 3.75 years

d. 5.00 years