A company is considering investing in loading equipment. The project would require an investment of $93626 and would have a useful life of 4 years. The cash flows associated with the project are the following:

Year

Cash Flow

1

$50783

2

21666

3

46450

4

29105

What would the payback period of the project be?

Select one:

a.3.46 years

b.3.00 years

c.1.84 years

d.2.46 years