2

An investment project has annual cash inflows of 29,500 one year from now, 44,900 two years from now, 57,500 three years from now and 64,000 four years from now. and a discount rate of 14 per cent. Required: What is the discounted payback period for these cash flows if the initial cost is 136,000 ? (Round your answer to 2 decimal places (e.g., 32.16).)