The projects are independent of each other. A blank in a box indicates that there are no more cash flows attached to the project. The required rate of return is 13%. | CF2 $0 CF3 $0 C FA $0 CFs $1,900 Project April Project June Project July Project August | CFO ($1,000) ($34,000) ($5,120) $15,000 | CF2 $0 $39,000 $500 ($5,000) $1,000 ($5,000) $2,000 ($5,000) $5,000 ($5,000) ($5,000) Which of the following comes closest to the payback of Project July? Select one: O a. 4 years O b. 3 years O c. More than 4 years d. 1 year e. Undefined - there is no payback for this project