9. What is the payback period for a $22,622 investment with the following cash flows?

Year 1 2 3 4 5

Cash flow $2,700 $8,300 $6,800 $4,800 $2,200

a. 3.23 years

b. 3.61 years

c. 3.46 years

d. 3.68 years e. 4.01 years