Content AreaExcellent Manufacturing Company is considering the following investment proposal: Original investment $15,000 Operations (per year for four years): Cash receipts $10,550 Cash expenditures $6,200 Salvage value of equipment after three years $1,200 Discount rate 9% The firm uses the straight-line method of depreciation with no mid-year convention. What is the payback period in years, assuming no taxes are paid? (Round to two decimal places.) a. 1.82 years b. 3.21 years c. 3.45 years d. 2.38 years