Calculate the payback period for a project that has the following cash flows?

The required return is 12.0%.

Year Cash Flow

0 $ (12,000)

1 $ 1,000

2 $ 2,000

3 $ 3,000

4 $ 4,000

5 $ 5,000

6 $ 6,000

Group of answer choices

2.25 years

3.85 years

3.25 years

4.40 years

None of these are correct.