An investment project has annual cash inflows of $6,500, $7,600, $8,400, and $9,700, and a discount rate of 10 percent.
Required:
What is the discounted payback period for these cash flows if the initial cost is $9,500? (Do not round your intermediate calculations.)
a) 1.07 years
b) 0.57 years
c) 3.14 years
d) 2.32 years
e) 1.57 years