There is a project with the following cash flows :

There is a project with the following cash flows :

Year          Cash Flow

0                −$22,000 

1                      6,400 

2                      7,400 

3                      6,800 

4                      4,500 

What is the payback period?

4.00 years

3.74 years

2.79 years

3.31 years