A project with an initial cost of $27,600 is expected to generate cash flows of $6,700, $8,800, $9,150, $8,050, and $7,500 over each of the next five years, respectively. What is the project's payback period?

Multiple Choice

• 3.48 years

• 3.37 years

• 3.68 years

• 3.58 years

• 3.74 years