The following details are provided by a manufacturing? company: Product line Investment ?$1,100,000 Useful life 12 years Estimated annual net cash inflows for first year ?$400,000 Estimated annual net cash inflows for second year ?$390,000 Estimated annual net cash inflows for next ten years ?$380,000 Residual value ?$70,000 Depreciation method ?Straight-line Required rate of return ?14% Calculate the payback period for the investment.? (Round your answer to two decimal? places.)
A. 2.82 years B. 2.75 years C. 2.77 years D. 2.55 years.