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