P9-4 Calculating Discounted Payback [LO3]

An investment project has annual cash inflows of $6,000, $7,100, $7,900, and $9,200, and a discount rate of 16 percent. Required: What is the discounted payback period for these cash flows if the initial cost is $9,500? (Do not round your intermediate calculations.)

A: 2.57 years

B:3.64 years

C:0.82 years

D:1.82 years

E:1.32 years