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Answer (C) is correct . The payback period is the number of years required for the cumulative undiscounted net cash inflows to equal the original investment. The future net cash inflows consist of $69,000 in Years 1 and 3, and $75,000 in Year 2. After 2?years, the cumulative undiscounted net cash inflow equals $144,000. Thus, $6,000 ($150,000 – $144,000) is to be recovered in Year?3, and payback should be complete in approximately 2.09 years [2 years + ($6,000 ÷ $69,000 net cash inflow in third year)].

Answer (A) is incorrect because This number of years does not consider depreciation.
Answer (B) is incorrect because This number of years ignores the tax effects.
Answer (D) is incorrect because This number of years results from considering the depreciation as a cash inflow and failing to account for the income tax.