What is the project's Discounted Payback and Payback? Please show work.

The capital budgeting director of Global Products, Inc. is evaluating a new project that would increase revenues by $60,000 per year. Associated annual related expenses for this project are estimated at $30,000. The projected cost of the project is $50,000. The project anticipates the immediate need of $10,000 in net operating working capital that should be recaptured at the end of the project's three-year life. The marginal tax rate is 21%. The firm plans to depreciate the project using MACRS. The cost of capital is 10%. Salvage value is estimated to be $7,500. MACRS Yearl .3333 Year .4445 Year III .1481 Year IV .0741