You are considering a project that will require an initial outlay of $400,000. This project has an expected life of four years and will generate after-tax cash flows to the company as a whole of $120,000 at the end of each year over its five-year life. Thus, the free cash flows associated with this project look like this:

Year	Free Cash Flow
0	-150,000
1	120,000
2	120,000
3	120,000
4	120,000

Given a required rate of return of 20% percent, calculate the following:

a. Discounted payback period

b. Net present value

c. Profitability index