A firm with a 13 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:	-$8,000	$3,100	$3,000	$2,700	$3,900

Calculate the projects discounted payback period.

	a.	3.50 years
	b.	4.00 years
	c.	3.43 years
	d.	3.57 years
	e.	3.00 years