Problem: Garvin Enterprises is considering a project that has the following cash flow and WACC data. What is the project's discounted payback?
WACC: 10.00%
Year: 0 1 2 3
Cash Flows: -$1,000 $500 $500 $500
A. 2.12 years
B. 2.35 years
C. 2.59 years
D. 2.85 years
E. 3.13 years