Which of the following values comes closest to the payback of a project that requires an initial investment of $46, produces cash flows of $12 for 5 consecutive years beginning at the end of year 1, and provides a final cash flow at the end of year 6 of $100? The projects required rate of return is 12%.

a. 4 years

b. Undefined there is no payback for this project.

c. 3 years

d. 6 years

e. 5 years