Suppose a company has proposed a new 4-year project. The project has an initial outlay of $48,000

Question:

Suppose a company has proposed a new 4-year project. The project has an initial outlay of $48,000 and has expected cash flows of $18,000 in year
1, $21,000 in year
2, $25,000 in year
3, and $31,000 in year
4. The required rate of return is 17% for projects at this company.
What is the Payback for this project?