A company is considering a new project that will cost $750,000. The project is expected to generate positive cash flows over the next four years in the amounts of $350,000 in year one, $350,000 in year two, $150,000 in year three, and $180,000 in year four. The required rate of return is 8%. What is the projects payback period?

A.) 2.50 years

B.) 2.63 years

C.) 2.33 years

D.) 2.83 years

E.) 2.60 years