Determine the payback period in years for a project that costs $48,000 and would yield after-tax cash flows of $12,000 the first year, $14,000 the second year, $17,000 the third year, $19,000 the fourth year, $23,000 the fifth year, and $29,000 the sixth year. 2.65 2.75 3.08 3.26 3.44