Winston Clinic is evaluating a project that costs $$62,125$ and has expected net cash inflows of $$12,000$ per year for eight years. The first inflow occurs one year after the cost outflow, and the project has a cost of capital of $12\%.$ What year does the project have payback?

Choice: Year $3\mathrm{.}4$

Choice: Year $5\mathrm{.}18$

Choice: Year $8\mathrm{.}0$

Choice: Cannot tell with this information