A firm with a 10 percent cost of capital is considering a project for this years capital budget. The projects expected after-tax cash flows are as follows:

Year:	0	1	2	3	4
Cash flow:	-$12,000	$5,500	$4,900	$5,500	$4,600

Calculate the projects discounted payback period.

	a.	2.29 years
	b.	2.50 years
	c.	2.00 years
	d.	2.71 years
	e.	3.00 years