You are considering a project with an initial cost of $27,900. What is the payback period for this project if the cash inflows are $14,650, $16,190, $12,480, and $9,500 a year over the next four years, respectively?

Multiple Choice

• 0.90 year

• 1.11 years

• 1.82 years

• 1.90 years

• 0.82 years