A project with a discount rate of 10% has a capital outlay of 14,500 and the following cash flows: Year 1 - 4,700; Year 2 - 5,600; Year 3 - 6,000 and Year 4 6,400.

What is the projects payback period?

Select one:

a. 2.5 years

b. 2.1 years

c. 3.3 years

d. 2.7 years