Consider a project that requires an initial investment of $5.0 million at time zero. The expected net cash inflows over the five-year life of the project are as follows: $1.2 million at the end of year 1;$1.4 million at the end of year 2;$1.6 million at the end of year 3:$1.8 million at the end of year 4; and $2.4 million at the end of year 5 . If the cost of capital for the project is 14 percent, what is the discounted payback period for the project? 3.86 years 3.44 years 4.58 years 2.67 years