Fernando Designs is considering a project that has the following cash flow and WACC data. What is the project's discountedpayback?

WACC:	9.25%
Year	0	1	2	3
Cash flows	-$825	$530	$530	$530

a. 2.23 years

b. 1.23 years

c. 2.77 years

d. 1.77 years

e. 1.13 years