How is the discounted payback period calculated? Does discounted payback solve the deficiencies of the payback rule?

Question:

How is the discounted payback period calculated? Does discounted payback solve the deficiencies of the payback rule? Explain.

Payback Period
Payback period method is a traditional method/ approach of capital budgeting. It is the simple and widely used quantitative method of Investment evaluation. Payback period is typically used to evaluate projects or investments before undergoing them,...