Bradshaw Inc. is contemplating a capital investment of $88,000. The cash flows over the project's four years are: Expected Annual Years 1,2,3, and 4

Expected Annual

Cash Inflows $30,000 $45,000 $60,000 $50,000

Cash outflows $12,000 $20,000 $25,000 $30,000

The cash payback period is

a. 3.59 years.

b. 3.50 years.

c. 2.37 years.

d. 3.20 years.