The cash flows and discount rate for projects a, b, c, and d are expected to be: Project: a. b. C. d. Year 0 - 1,000 -1,500 -500 -2,000 Year 1 400 500 100 600 Year 2 400 500 300 800 Year 3 400 700 250 200 Year 4 400 200 200 300 Discount rate 10% 12% 15% 8% What is the Payback period for project a ? (Assume that the cash flows occur evenly throughout the year). 0 2.4 years 2.71 years O 2.5 years Project never pays back the initial investment