Brady Corp

Brady Corp. is considering the purchase of a piece of equipment that costs $20,000. Projected net annual cash flows over the project's life are:
Year Net Annual Cash Flow
1 $ 3,000
2 8,000
3 15,000
4 9,000
The cash payback period is

A) 2.29 years.
B) 2.60 years.
C) 2.40 years.
D) 2.31 years.