Seattle, Inc., is contemplating a project that costs $180,000. Expectations are that annual cash revenues will be $70,000 and annual expenses (including depreciation) will total $30,000. The project has a six-year useful life and a residual value of $30,000. Assume Seattle Inc. uses straight line method of depreciation. The project's payback period is

a. 2.31 years.

b. 2.77 years.

c. 2.57 years.

d. 2.14 years.