A project costs $120,000 and the expected annual returns are as given in the table below.Year Cash Flows1 $18,5002 $25,5003 $27,9804 $32,6605 $40,230a) What is the payback period of the project?b) What is the discounted payback period at an interest rate of 15%?

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aThe payback period of the project Year Annual cash flow Cum... View the full answer