An investment project requires an initial investment of $100,000. The project is expected to generate net cash inflows of $29,750 per year for the next five years. These cash inflows occur evenly throughout the year. Assuming a 12% discount rate, the project's payback period is (Ignore income taxes.):

Group of answer choices

3.36 years

1.40 years

0.29 years

3.57 years