Olinick Corporation Is Considering a Project That Would Require an Investment

Multiple Choice

Olinick Corporation is considering a project that would require an investment of $343,000 and would last for 8 years. The incremental annual revenues and expenses generated by the project during those 8 years would be as follows (Ignore income taxes.) : The scrap value of the project's assets at the end of the project would be $23,000. The cash inflows occur evenly throughout the year. The payback period of the project is closest to:

A) 3.0 years
B) 5.1 years
C) 3.2 years
D) 4.8 years