A firm with a 9 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	$5,200	$5,800	$4,100	$5,900

Calculate the projects discounted payback period.

	a.	2.00 years
	b.	2.74 years
	c.	2.26 years
	d.	2.50 years
	e.	3.00 years