The owner is thinking about investing in a project with an initial cost of $700 today (cost $700 on 01/15/2004). The project has annual cash inflows of $400 one year from today, $300 two years from today, $200 three years from today, $250 four years from today, and $200 five years from today. The discount rate is 25%. What is the discounted payback period of the project?

a. the project never pays back

b. 1 year

c. 2 years

d. 3 years

e. 4 years

f. 5 years

g. 6 years