A 30-year project is estimated to cost $35 million and provide annual cash flows of $5 million per year in years 1-5; $4 million per year in years 6-20 and $2 million per year in years 21-30. If the company's required rate of return is 10%, determine the payback of the project.

Question 8 options:

A)6.50 years

B)7.00 years

C)8.50 years

D)7.50 years

E)8.00 years