A firm with a 8% WACC is evaluating two mutually exclusive projects with the following cash flows (in millions); calculate payback for the project that maximizes shareholder value.

t =	0	1	2	3	4	5
Project M	-75	20	20	20	25	25
Project N	-48	18	18	18	12	10

Group of answer choices

3.8 years

3.6 years

2.9 years

2.7 years

2.5 years