Beck Department Stores is considering two possible expansion plans. One proposal involves opening 5 stores in Indiana at the cost of $1,950,000. Under the other proposal, the company would focus on Kentucky and open 6 stores at a cost of $2,400,000. The following information is available: Indiana proposal Kentucky proposal Required investment $1,950,000 $2,400,000 Estimated life 5 years 5 years Estimated residual value $30,000 $40,000 Estimated annual cash inflows over the next 9 years $400,000 $800,000 Required rate of return 15% 15% The payback period for the Kentucky proposal is closest to O A. 2.95 years O B. 60 years O C. 3 years O D. 3.16 years