A project manager is assigned to a project early in the project lifecycle. One of the things that must be done is to do a justification for the project. Since very little information is known about the project, the estimates are considered to be rough estimates. The following table is the project manager's estimate of the cash flow that will take place over the next five years. Vhat is the payback period for this project? End of Year Revenues 0 Project Expenses $700,000 $100,000 $95,000 1 2 3 $230,000 $275,000 $300,000 $350,000 $524,000 4 5 3.1 Years 3.3 Years 5 Years 4 Years