Olinick Corporation is considering a project that would require an investment of $$344,000$ and would last for $8$ years. The incremental annual revenues

and expenses generated by the project during those $8$ years would be as follows $($Ignore income taxes.$)$:

The scrap value of the project's assets at the end of the project would be $$28,000.$ The cash inflows occur evenly throughout the year. The payback

period of the project is closest to:

Note: Round your answer to $1$ decimal place.

Multiple Choice

$2\mathrm{.}3$ years

$3\mathrm{.}3$ years

$2\mathrm{.}6$ years

$2\mathrm{.}0$ years