The initial outlay or cost for a four-year project is $1,100,000. The respective cash inflows for years 1, 2, 3 and 4 are: $500,000, $300,000, $300,000 and $300,000. What is the discounted payback period if the discount rate is 10%?

a	About 3.35 years
b	About 3.84 years
c	About 2.67 years
d	About 3.98 years