Question: How do you work this problem? Please show step by step. TIA! Compute the payback statistic for Project A if the appropriate cost of capital

How do you work this problem? Please show step by step. TIA!

Compute the payback statistic for Project A if the appropriate cost of capital is 8 percent and the maximum allowable payback period is four years. (Round our answer to 2 decimal places.)

Time: 0 1 2 3 4 5

Cash Flow: -$1,600 $590 $660 $640 $420 $220

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