Calculate the Payback Period and Discounted Payback Period for the following project:

1. An initial investment of $20,000 with expected after-tax operating cash flows of $125,000 per year for each of the next 3 years. However, in preparation for its termination at the end of year 3, an additional investment of $350,000 must be made at the end of Year 2.

Please show all work in excel.