Wasson Corporation Is Considering an Investment Project Costing $520,000

Wasson Corporation is considering an investment project costing $520,000. The project is estimated to have an eight-year life, generate annual cash flows of $120,000, and have a salvage value of $40,000 after eight years. What is the project's payback period?

A) 2.8 years
B) 4.3 years
C) 4 years
D) 6.5 years