A firm with an 11% WACC is evaluating two mutually exclusive projects with the following cash flows (in millions); calculate the discounted payback for the project that maximizes shareholder value.

t =	0	1	2	3	4
Project X	-700	400	250	250	200
Project Y	-700	100	250	350	450

Group of answer choices

2.75 years

3.24 years

3.40 years

2.88 years

3.08 years