Haig Aircraft is considering a project that has an up-front cost paid today at t = 0. The project will generate positive cash flows of $60,000 a year at the end of each of the next five years. The projects NPV is $75,000 and the companys WACC is 10 percent. What is the projects regular payback?

a. 3.22 years

b. 1.56 years

c. 2.54 years

d. 2.35 years

e. None of the above