A project requires an initial investment of $4,000 and provides uneven net cash inflows in years as below.

Year 1 Year 2 Year 3 Year 4 Year 5

$1,000 $0 $2,000 $1,000 $500

If cash inflows occur evenly throughout the year, the payback period for this project is:

3.5 years 4 years 4.5 years 3 years