A project costs K$2,000,000$ and yields annually a profit of K$3,00,000$ after depreciation @ $12(1)/(2)\%$ but before tax at $50\%.$

Profit after depreciation $300,000$

Tax $50\%$

$150,000$

$150,000$

Add depreciation

$2,000,000121/2\_^\%250,000$

Cash in flow $400,00$

REQUIRED

Calculate the pay$-$back period.