Question $16(10$ points$)$

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A new project will have an intial cost of $$14,000.$ Cash flows from the project are expected to be $$-4,000,$ $$6,000,$ $$8,000,$ and $$12,000$ over the next $4$ years, respectively. Assuming a discount rate of $12\%,$ what is the project's Payback Period?

Question $16$ options:

$3\mathrm{.}13$

$3\mathrm{.}67$

$3\mathrm{.}33$

$3\mathrm{.}60$

$3\mathrm{.}47$