Bixby Inc. is evaluating expansion into a new market. The firm estimates an after tax cost of $1,600,000 and forecast that such an investment will yield after tax cash flows for 5 years 5700.000 in year 1,5600,000 In year 2,700,000 in year 3, 3500,000 in year 4 and $500,000 in year 5. If the CFO of Baby has set a required payback period of 2.9 years, what is the project's actual payback period in years, and should they pursue it? 2.4, then do not purse the project 3.2. then pursue the project 2.4, then pursue the project 2.8. then pursue the project 2.8. then do not purse the project