Petrus Company has a unique opportunity to invest in a two-year project in Australia. The project is expected to generate one million Australian dollars (A$) in the first year, A$ 2 million in the second year and A$ 2.5 million in the 3rd year. Petrus would have to invest $1,.5 million in the project. Petrus has determined that the cost of capital for similar projects is 14%. What is the payback period of this project, if the future spot rate of the Australian dollar for the three years are expected to be $0.55, $0.60 and $ 0.62, respectively?

		2.49 years
		3.09 years
		2.09 year
		none of above