A firm with a 9.5 percent cost of capital is considering a project for this year's capital budget. The project's expected after tax cash flows are as follows:

Year: 0 1 2 3 4

Cash flow: -$9000 $3,400 $3100 $3500 $4100

Calculate the project's payback period:

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