A project has an initial cost of $50825, expected net cash inflows of $10000 per year for 9 years, and a cost of capital of 13%. What is the project's payback period? Round your answer to two decimal places.

Select one:

a. 4.85 years

b. 5.00 years

c. 5.08 years

d. 5.27 years

e. 5.91 years