A project has the following total (or net) cash flows.

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Year Total (or net) cash flow

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1 $50,000 2 70,000 3 80,000 4 100,000 _______________________________________

The required rate of return on the project is 13 percent. The initial investment (or initial cost or initial outlay) of the project is $100,000. a) Find the (regular) payback period of the project. b) Compute the discounted payback period of the project.