Consider an investment opportunity that requires an initial cash outlay of $28,500 and provides cash flows of $8,500 in year 1, $10,000 in year 2, $11,500 in year 3, and $13,000 in year 4.The cost of capital is 12%.What is the discounted payback period of the project?
A) 2.87 years
B) 3.37 years
C) 3.42 years
D) 3.58 years
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