If the initial Investment of a project is $9,000 and this project generates net cash flows of $5,090, $4,500 and $4000 at the end of years 1, 2 and 3 respectively. Assume required rate of return is 10% per year (p.a.), what is Payback period of the project?

a.

2.8 years

b.

1.8 years

c.

1.2 year

d.

3.8 years