First Choice Carpets is considering purchasing new weaving equipment costing $730,000. The company's management has estimated that the equipment will generate cash inflows as follows:

Year 1	$204,000
2	204,000
3	266,000
4	266,000
5	150,000

Considering the residual value is zero, calculate the payback period. (Round your answer to two decimal places.)

A.

4.61 years

B.

3.42 years

C.

3.70 years

D.

3.21 years