Porter Company is analyzing two potential investments.

	Project X	Project Y
Initial investment	$ 83,850	$ 69,000
Net cash flow:
Year 1	28,500	4,900
Year 2	28,500	30,500
Year 3	28,500	30,500
Year 4	0	30,000

The payback period in years (rounded to 2 decimal places) for Project X is:

Group of answer choices

3.30

3.94

3.42

2.94