Given the following information and assuming straight-line depreciation to zero, what is the payback period for this project? Initial investment = $500,000; life = five years; cost savings = $160,000 per year; salvage value = $30,000 in year 5; tax rate = 34%; discount rate = 13%. Multiple Choice The payback period is greater than the project's life. 3.6 years 2.5 years 3.9 years 4.4 years