O'Mally Department Stores is considering two possible expansion plans. One proposal involves opening 5 stores in Indiana at the cost of $1,910,000 Under the other proposal, the company would focus on Kentucky and open 6 stores at a cost of $2.400,000. The following information is available: Indiana proposal Kentucky proposal Required investment $1,910,000 $2,400,000 Estimated life 10 years 10 years Estimated residual value $70,000 $90,000 Estimated annual cash inflows over the next 9 years $500,000 $700,000 Required rate of retum 5% The payback period for the Indiana proposal is closest to 5% O A. 4.44 years OB. 3.82 years O C. 3.43 years OD. 27 29 years