An investment project has annual cash inflows of $5,500, $6,600, $7,400 for the next four years, respectively, and $8,700, and a discount rate of 11 percent.

What is the discounted payback period for these cash flows if the initial cost is $9,000?

• 1.76 years

• 3.52 years

• 1.26 years

• 0.76 years

• 2.51 years