A project has an initial cost of $45,000. The incremental inflows associated with the project are $20,000 in year 1, $15,000 in year 2, $10,000 in year 3 and $8,000 in year 4. All cash inflows are at the end of the year. The appropriate discount rate for this project is 8.0%.

1. What is the project's payback period?
2. What is the projects discounted payback period?
3. What is the projects net present value?
4. What is the projects internal rate of return? Calculate two decimal places.
5. What is the projects modified internal rate of return? Calculate to two decimal places.