How the payback= 3,81 was calculated?

328 PART 4 Capital Budgeting TABLE 10.14 Projected Total Cash Flows, Power Mulcher Project Year Operating cash flow Change in NWC Capital spending800.000 $146,457 $258.393 $ 294,033 $257,983 $232.252 $192,736 $153252 $ 10624 750 8,250 16,500 16,500 66,000 126.400 -$20,000-34,000 36,000-18,000 Total project cash flow -$820,009 $112,457 $222,393 5276033 $258.733 $240,502 $209.236 $169,752 $298 643 Cumulative cash flow -$820,000-$707,543-$485,150-$209, Discounted cash flow- 820,000 97,789 168,161 181,496 147,932 119,572 90,458 63,816 116-$ 49,617 $290,119 $499.355 $669,107 $967.75 97,627 @ 15% Net present value ( 1 5%) # $ 1 46,8 52 Internal rate of return 19.86% Payback years