Stern Associates is considering a project that has the following cash flow data. What is the project's payback?

Year

$0$

$1$

$2$

$3$

$4$

$5$

Cash flows $-$$$1,000$$$300$$$310$$$320$$$330$$$340$

$2\mathrm{.}89$ years

$2\mathrm{.}92$ years

$3\mathrm{.}40$ years

$3\mathrm{.}21$ years

$3\mathrm{.}92$ years