1. Consider the investment project in the table below with four-year investment life

2. n	Project Cash Flow ($)
   0	-$ 3,500
   1	$ 1,600
   2	$ 2,800
   3	$ 3,500
   4	$ 2,200

3. What is the payback period? (5 points) (show all your work).
4. What is the discounted payback period if the firms interest rate is 15% after taxes? (9 points) (show all your work).