Daphne Inc., a steel manufacturing company, is planning to buy a new plant at $940,000. The life of the plant is estimated to be 5 years and has cash flows of $94,000, $ 188,000, $282,000, $376,000, and $470,000. Calculate the payback period for the new plant. O a. 3 years O b. 4 years O c. 2 years O d. 5 years