Sara Turner is considering investing $60,000 in a project with the following cash revenues and expenses:

Year	Revenues		Cash Expenses & Depreciation
Year 1	$16,000		$16,000
Year 2	$18,000		$16,000
Year 3	$17,000		$17,000
Year 4	$26,000		$14,000
Year 5	$26,000		$14,000

Assuming straight-line depreciation over five years, what is the payback period for this investment?

a.between 4 and 5 years

b.between 3 and 4 years

c.between 2 and 3 years

d.between 1 and 2 years

e.between 3 and 4 years