A company is evaluating an investment proposal using the payback period method. Cash inflows are expected to be $80 000 in year 1, $120 000 in year 2, $150 000 in year 3, and $180 000 in year 4. The initial investment required is $380 000. Assuming even cash inflows throughout each year, the payback period is:

3.34 years.

3.47 years.

3.17 years.

3 years.