Timothy Farms is evaluating a proposal to invest in a new piece of equipment costing $90.000 with the following annual cash flows over the equipment's 4-year useful life: $90.000 Cash revenues Cash expenses (52,000) Depreciation expenses (straight- line) (15.000) Income provided from equipment $23,000 Cost of capital 16 percent The investment's payback period is (rounded to two decimal places): O 3.91 O 3.33 0 2.37 O 2.14