Payback period. A project is expected to generate the after-tax cash flows shown below. The company's weighted average cost of capital is 9.3% per year. What is the project's payback period? Year Cash flows 0 1 -$5,000 $2,500 2 $3,000 3 $500 4 $500 1) 2.48 years 2) 2.75 years 3) 1.83 years 4) 4 years 5) 3.15 years