Towsons Corp. considers a new project that has the following cash flow data. What is the project's payback period?

Year	0	1	2	3
Cash flows	-$800	$500	$500	$500

	1.	1.71 years
	2.	1.60 years
	3.	1.39 years
	4.	1.68 years
	5.	1.26 years