(Ignore Income Taxes in This Problem

(Ignore income taxes in this problem.) An investment project requires an initial investment of $100,000.The project is expected to generate net cash inflows of $28,000 per year for the next five years.These cash inflows occur evenly throughout the year.Assuming a 12% discount rate,the project's payback period is:

A) 0.28 years
B) 3.36 years
C) 3.57 years
D) 1.40 years