The initial outlay or cost is $1,000,000 for a four-year project. The respective future cash inflows for years one, two, three and four are: $500,000, $300,000, $300,000, and $300,000. What is the payback period without discounting cash flows?

A. about 2.50 years
B. about 2.67 years
C. about 3.67 years
D. about 4.50 years

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