Please help me with this question. Do not just give me an answer but a step-by-step solution via excel. Thank you.

Suppose a firm is considering the following project: To complete the project the firm will need to make an investment of $6,000 in year 0. Assume the all the initial investments are used to purchase some specialized equipments (fixed assets) and the expected salvage value is 5% of the book value of the fixed assets. This specialized equipment can be depreciated using the straight-line method. The project is expected to generate revenue from year 1 through year 5. By environmental law, the company is required to remove the project after it is abandoned. The cost of removal is $1,000.

We assume investments in fixed assets are all spent in the beginning of a year, while all project revenues and expenses/costs are incurred in the end of a year.

Your sales and marketing team tell you that they estimate sales of 1,500 units in year 1, rising by roughly 70% per year through year 3, then declining by 50% in year 4 and 30% in year 5. They assume the product is dead at that point, with 0 units demanded/sold in year 6.

The inflation rate is 2.5% in year 1 and is expected to rise by 5% through year 5. The firms nominal cost of debt is 5% and remain increases by 15% annually, while the real cost of equity is forecasted to be 6% and remain constant through year 5. The tax rate is estimated to be a level 37%. The cost of capital is calculated as the weighted average cost of capital (equity and debt).

The initial investments are funded by debt and equity. The ratio of debt to equity is 3/7.

Sales revenue per unit is expected to be $6.5 in year 1. Variable cost per unit is estimated at $4 in year 1.

All will grow with inflation. Cash fixed costs will be $3,600 in year 1 and increases by 5% through year 5.

How long is the discounted payback period? Answer should be rounded to the 2nd decimal place.