Which of the following values comes closest to the payback of a project that requires an initial investment of $34, 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 project's required rate of return is 13%. a. 3 years b. 5 years c. 4 years d. 6 years e. Undefined - there is no payback for this project