Bytown Company is considering a project that would require a $400,000 investment and would generate the following savings: Year 1 - $55,000, Year 2 - $120,000, Year 3 - $180,000, Year 4 - $215,000, Year 5 - $100,000, Year 6 - $80,000. Based on this information, what is the payback period of this project rounded to one decimal place.

Multiple Choice

• 4.2 years

• 3.7 years

• 3.2 years

• 4.7 years

• None of the above