Compute the discounted payback statistic for Project D if the appropriate cost of capital is 11 percent and the maximum allowable discounted payback is four years.

Note: Do not round intermediate calculations and round your final answer to 2 decimal places. If the project does not pay back, then enter a "0" (zero).

Project D

Time:	0	1	2	3	4	5
Cash flow:	$12,000	$3,450	$4,380	$1,720	$0	$1,200

discounted pay back period ______ years