A project with an initial cost of $29,000 is expected to generate cash flows of $7,100, $9,200, $9,350, $8,250, and $7,900 over each of the next five years, respectively. What is the project's payback period? Multiple Choice 3.52 years 3.41 years 3.78 years 3.64 years 3.62 years

A project with an initial cost of $29,000 is expected to generate cash flows of $7,100,$9,200,$9,350,$8,250, and $7,900 over each of the next five years, respectively. What is the project's payback period? Multiple Choice 3.52 years 3.41 years 3.78 years 3.64 years 3.62 years