2. Investment period of an investment project is two years. Investment outlays in the first year is 950,000 TL, in the second year is 1,550,000TL. Operating period starts in the third year. Net cash flows in the third year is 520,000 TL, in the fourth year 680,000 TL, in the fifth year 792,000 TL, in the sixth year 860,000 TL, in the seventh year 820,000 TL, in the eight year 620,000 TL, in the ninth year 780,000 TL. Cost of capital is 12 %. (6 Points)

a. Calculate the payback period

b. Calculate the discounted payback period

c. Show how the net present value is calculated