A project has the following cash flows. What is the payback period? Year 0: -$31,000; Year 1: $15,600; Year 2: $11,100; Year 3: $8,700; Year 4: $7,100.

A: 2.60 years

B: 2.49 years

C: 2.38 years

D: 3.01 years

E: 3.33 years