A project manager is using the payback method to make the final decision on which project to undertake. The company has a 10% required rate of return and expects a 4% rate of inflation for the following five years. The initial investment cost of the project was $500,000. What is the payback period of a project that has cash flows as shown in the table: year 1= $50,000, year 2 =$75,000, year 3 =$150,000, year 4 =$150,000, and year 5=$750,000?.

a. 3.7 years

b. 5.0 years

c. 4.1 years

d. 4.8 years