An investment project has annual cash inflows of 20,000, 35,400, 48,000 and 54,500, and a discount rate of 14 per cent. a) What is the discounted payback period for these cash flows if the initial cost is 100,000? b) What is the discounted payback period for these cash flows if the initial cost is 120,000? c) What is the discounted payback period for these cash flows if the initial cost is 170,000?