A project requires an initial investment of $50,000 and provides the following cash flows over its 4-year life: Y1 $15,000, Y2 $16,000, Y3 $19,000 and Y4 $22,000. The required rate of return of the project is 10%. What is this project's payback period?

A project requires an initial investment of $50,000 and provides the following cash flows over its 4-year life: Y1 $15,000, Y2 $16,000, Y3 $19,000 and Y4 $22,000. The required rate of return of the project is 10%. What is this project's payback period?

2.59 years

3.59 years

4 years

3 years