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Answer (B) is correct . The payback method is simply the time required to recover the investment. It does not consider the time value of money or returns after the payback period. When cash flows are not uniform, a cumulative calculation is necessary. Thus, 3.0 years is the payback period ($320,000 in the first year, $280,000 in the second year, and $200,000 in the third year).

Answer (A) is incorrect because Only a little over half of the initial $800,000 investment would have been recovered by the end of 1.5 years.
Answer (C) is incorrect because The amount of $800,000 will have been recovered by the end of 3 years.
Answer (D) is incorrect because This number of years is based on net earnings.