(Ignore income taxes in this problem.) Neighbors Corporation is considering a project that would require an investment of $344,000 and would last for 8 years. The incremental annual revenues and expenses generated by the project during those 8 years would be as follows: Sales $260,000 Variable expenses 20,000 Contribution margin 240,000 Fixed expenses: Salaries 38,000 Rents 51,000 Depreciation 46,000 Total fixed expenses 135,000 Net operating income $105,000 The scrap value of the project's assets at the end of the project would be $28,000. The cash inflows occur evenly throughout the year. The payback period of the project is closest to:

2.3 years

2.6 years

3.3 years

2.2 years