Your firm is about to start a new project. The project has a cost of $85,000. The project is expected to generate free cash flows of $47,500 in year 1, $51,450 in year 2. $53,750 in year 3, $35,500 in year 4 and $42,250 in year 5. The required rate of return on the project is 8.4% compounded annually. What is the discounted payback period? 1.94 02.16 1.82 2.44