1) To try to penetrate the Central American market, a Canadian beverage company is considering building a new bottling facility in Costa Rica. A team from the companys purchasing department has estimated that an old factory there can be retrofitted to serve the companys purpose, and doing so should only cost about 1.1 million. The company is going to start by assuming only a five-year life for the project and assuming steady profits of $285,000/year:

a) how long it will take them to recoup their investment? I got 3.86 years for my answer.

b) Consider the same Canadian beverage company contemplating the Costa Rican venture. Use the same information, but this time calculate the precise discounted payback period, assuming a discount rate of r = 9%.

part b is what I'm struggling with