Houston Inc. is valuating a project which has the following cash flows (in millions) in the next three years: $20, $50, $80. The project will cost the firm $110 millions at the beginning (year 0). The WACC of the firm is 7%. What is the payback period of the project? Should the firm accept this project if the required payback period is 2 years?

Ans: 2.5 years and reject.

What is the discounted payback period of the project?

Please use hand-work or a financial calculator to solve this. No spreadsheet please, and show me how you did it. Please help! Thank you very much.