L-3 Communications Holdings has a project with initial investment requiring $-225,000 and the following cash flows will be generated for the following 5 years at the end of each year because of the project: $56,250; $50,000; $116,000; $86,000; and $62,000 respectively. If the required rate of return is 0.13, find the payback period (PB) of the project.

Group of answer choices

none of the answers is correct

2.21 years

2.98 years

3.34 years

3.03 years