Townesby Music Co. is an Australian music producer. What is the payback period for Townesby Music's new project if its initial after-tax cost is AU$5,000,000 (Australian Dollars), and it is expected to provide after-tax operating cash inflows of AU$1,800,000 in year 1, AU$1,900,000 in year 2, AU$700,000 in year 3 and AU$1,800,000 in year 4?

2.33 years

3.67 years

4.33 years

3.33 years