What is the payback period for a project that has the following cash flows: Year 0 = $15,000; Year 1 = $7,500; Year 2 = $6,200; Year 3 = $4,900; and Year 4 = $4,500?

a. 2.27 years

b. 1.73 years

c. 2.17 years

d. 3.10 years

e. 2.64 years