The initial outlay or cost for a four$-$year project is $$1,600,000.$ The respective cash inflows for years $1,2,3$ and $4$ are: $$700,000,$ $$600,000,$ $$500,000$ and $$400,000.$ What is the discounted payback period if the discount rate is $8\%?$

About $3\mathrm{.}14$ years

About $3\mathrm{.}98$ years

About $3\mathrm{.}67$ years

About $3\mathrm{.}35$ years

About $3\mathrm{.}42$ years