A project with an initial cost of $23,950 is expected to generate cash flows of $4,500, $5,600, $6,200, $7,100, and $7,600 over each of the next five years, respectively. If the required rate of return is 3.2%, what is the project's discounted payback period?

A. 4.38 years

B. 4.49 years

C. 4.67 years

D. 4.37 years

E. None of the above