1. Consider the following four-year project. The initial after-tax outlay or after-tax cost is $1,000,000. The future after-tax cash inflows for years 1, 2, 3 and 4 are: $400,000, $300,000, $200,000 and $200,000, respectively. Discount rate is 15 % . What is the payback period and discounted discounting payback?

a. Calculate pay back

b. Calculate discounted Pay back