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

2.25 years

3.25 years

3.85 years

4.40 years

None of these are correct.