What Is the Payback Period of a Project That Requires

What is the payback period of a project that requires an initial cash outlay of $16,000 and provides cash flows of $4,500 in year 1,$5,500 in year 2,$6,500 in year 3,and $7,500 in year 4? Assume the appropriate discount rate is 10 percent.

A) 2.08 years
B) 2.36 years
C) 2.68 years
D) 2.92 years