Answer without using excel and minimize shortcuts including the use if a financial calculator. Please show all work

Q1) What is the payback period and discounted payback period (discount rate =4.5% ) for the following set of cash flows? Answer: To calculate the payback period, we need to find the time that the project has recovered its initial investment. Payback period = Investment required for the project / Net annual cash flow Cash flow (CF) created by project within three years - Cash shortfall for payback period = Initial investment - Cash flow (CF) created by project within last three years = During the fourth year, the cash flows from the project will be $1,400. So, the payback period will be 3 years, plus what we still need to make divided by what we will make during the third year. Payback = Discounted Payback =