Harvard Manufacturing Company is considering the following investment proposal: Initial investment: Depreciable assets (straight-line) $52,800 Working capital 4,400 Operations (per year for 4 years): Cash receipts $30,000 Cash expenditures 17,000 Disinvestment: Salvage value of equipment $2,200 Recovery of working capital 4,400 The investments payback period in years (rounded to two decimal points) is:

Select one:

a. 4.06

b. 3.11

c. 5.14

d. 4.40