10. A company is considering a project with an initial cost of $1,500,000 incurred at the outset of the project. In addition, annual expense payable at the beginning of each year is $400,000 per annum for the first two years, and increases to $440,000 per annum for the next two years. The revenue payable continuously from the venture is expected to be $800,000 per annum for the first year. Thereafter, the net revenue is expected to grow at 5% per annum. Four years after the outset of the project, the revenue and costs stop and the project has no further value. It is known that the discounted payback period of the venture at an effective rate of interest of 4% per annum is somewhere in the 4th year. Find the discounted payback period. [Total: 8 marks]