Elmer Sporting Goods is getting ready to produce a new line of golf clubs by investing $1.5 million. The investment will result in additional cash flows of $525,000, $630,000, and 1,000,000 over the next three years. What is the payback period for the project? Round to 2 decimals.

Group of answer choices

3.45 years

2.54 years.

2.71 years.

none of these

2.35 years