What is the discounted payback period of a project requiring an initial investment of $12,000 and producing daily positive cash flows that are summarized as $7,000 at the end of each of the next 4 years (i.e., at t = 1, t = 2, t = 3, and t = 4). Assume the cost of capital is 17% per year. Choose the closest answer.

	a.	1.71 years
	b.	2.79 years
	c.	2.26 years
	d.	2.21 years