Devon Energy Corp has a project costing $8.5 million. The firm expects the project to generate cash flows of $2 million, $3 million, $4 million, and $5 million over the next four years. Its cost of capital is 16 percent. What is the payback period for this project?

Group of answer choices

3.1 years

2.9 years

3.4 years

2.2 years

4.2 years