A project has an initial cost of $50,000. The incremental inflows associated with the project are $20,000 in year one, $15,000 in years two and three, and $10,000 in year four. All cash inflows are at the end of the year. The appropriate discount rate for this project is 11%. What is the project's payback? 2.5 years 3.0 years = 3.5 years 4.0 years