A company is evaluating three possible investments. The following information is provided by the company: Project A Project B Project C Investment $240,000 $54,000 $240,000 Residual value 0 18,000 38,000 Net cash flows: Year 1 62,000 34,000 98,000 Year 2 62,000 25,000 68,000 Year 3 62,000 21,000 78,000 Year 4 62.000 18,000 38.000 Year 5 62,000 What is the payback period for Project A? (Assume that the company uses the straight-line depreciation method.) (Round your answer to two decimal places.) 2.87 years O 1.59 years 5.00 years O 3.87 years