A project has an initial cost of $44,000. Expected cash flows as a result of this project are projected as indicated below. Calculate the payback period for this project. Assume a discount rate of 9%.

A project has an initial cost of $44,000. Expected cash flows as a result of this project are projected as indicated below. Calculate the payback period for this project. Assume a discount rate of 9%. HOME INSERT DATA fx E G H A Project X 1 t Cash Flows 2 -44,000 3 10,000 1 Rate %: 4 Payback period (years) 2 10,000 5 3 15,000 6 18,000 4 7 15,000 10 11 12 13 14 15 16 17 18 19 20