I need to calculate the payback period for this project. Cash flows start at E15, formula cell is M36. My current equation is not spitting out any data. Is there a problem with the equation? If you need other data please let me know.

Thanks

NPER X fx =IF(M650, "",+M63-1-$E$63-L65/(M65-L65))) C D E F H M O P A B 1 Accounts Receivable 2 Inventory 3 Accounts Payable 4 Net Working Capital 5 ANWC NWC/Sales 729 360 317 G 1094 500 484 1313 406 0.195 1313 396 591 1361 I 1 431 427 640 1483 122 0.168 J 1560 461 693 1616 134 0.168 K 1700 498 751 1762 146 0.168 L 1854 538 813 1921 159 0.168 N 2202 627 9 54 2283 2020 581 881 2094 173 0.168 2400 677 1033 2488 800 907 48 206 107 0.202 0.168 0.168 8 NPV Analysis 2010 (750) 0 2019 1.278 224 -O Free Cash Flows -1 EBIT(1-1) -2 plus depreciation 3 less ANWC 4 less capital expenditures -5 Free Cash Flow -6 Terminal value 2011 350 152 (107) (952) (557) 2012 530 152 (406) (152) 124 2013 593 152 (48) (152) 546 2014 684 152 (122) (334) 381 2015 778 164 (134) (361) 449 2016 883 178 (146) (389) 526 2017 1,001 192 (159) (421) 613 2018 1,132 207 (173) (454) 712 (189) (491) 822 2020 1.441 242 (206) (530) 947 18,060 (750) 3.00% 8 Initial Outlays Net working capital Net property, plant & equipment (800) (1470) 907 952 1313 152 1483 334 1616 361 1762 389 1921 421 2094 454 2283 491 2488 530 0.9225 (514) 0.7851 0.7242 428276 0.8510 106 0.6681 300 0.6163 324 0.5686 349 0.5245 373 2 Discount factor 8.40% 3 Present value 4 Net Present Value 5 NPV without Terminal Value 0.4839 398 1.0000 (3,020) (1,562) (9,623) 0.4464 423 $ S 7 IRR Analysis 9 Cash Flows O IRR 2010 (3,020) 61.2% 2011 1,302 2012 1,589 2013 2,059 2014 2,197 2015 2,425 2016 2,677 2017 2.954 3 2018 ,260 2019 3,595 2020 22,024 -2 Payback Analysis 2010 (3.020) (3,020) 2011 1.302 (1,718) 2012 1.589 2013 2,059 2014 2,197 4 Cash flows -5 Cumulative cash flow 6 Payback period 2015 2.425 2016 2.677 9,229 2017 2.954 12.184 2018 I 2019 3.250 3.595 15.443 1 19,039 M65-L65) Jyears 2020 22.024 41,063 8 5-year Cumulative EBITDA $ 5,666 o Profitability Index NPV/Initial Investment -0.52 NPER X fx =IF(M650, "",+M63-1-$E$63-L65/(M65-L65))) C D E F H M O P A B 1 Accounts Receivable 2 Inventory 3 Accounts Payable 4 Net Working Capital 5 ANWC NWC/Sales 729 360 317 G 1094 500 484 1313 406 0.195 1313 396 591 1361 I 1 431 427 640 1483 122 0.168 J 1560 461 693 1616 134 0.168 K 1700 498 751 1762 146 0.168 L 1854 538 813 1921 159 0.168 N 2202 627 9 54 2283 2020 581 881 2094 173 0.168 2400 677 1033 2488 800 907 48 206 107 0.202 0.168 0.168 8 NPV Analysis 2010 (750) 0 2019 1.278 224 -O Free Cash Flows -1 EBIT(1-1) -2 plus depreciation 3 less ANWC 4 less capital expenditures -5 Free Cash Flow -6 Terminal value 2011 350 152 (107) (952) (557) 2012 530 152 (406) (152) 124 2013 593 152 (48) (152) 546 2014 684 152 (122) (334) 381 2015 778 164 (134) (361) 449 2016 883 178 (146) (389) 526 2017 1,001 192 (159) (421) 613 2018 1,132 207 (173) (454) 712 (189) (491) 822 2020 1.441 242 (206) (530) 947 18,060 (750) 3.00% 8 Initial Outlays Net working capital Net property, plant & equipment (800) (1470) 907 952 1313 152 1483 334 1616 361 1762 389 1921 421 2094 454 2283 491 2488 530 0.9225 (514) 0.7851 0.7242 428276 0.8510 106 0.6681 300 0.6163 324 0.5686 349 0.5245 373 2 Discount factor 8.40% 3 Present value 4 Net Present Value 5 NPV without Terminal Value 0.4839 398 1.0000 (3,020) (1,562) (9,623) 0.4464 423 $ S 7 IRR Analysis 9 Cash Flows O IRR 2010 (3,020) 61.2% 2011 1,302 2012 1,589 2013 2,059 2014 2,197 2015 2,425 2016 2,677 2017 2.954 3 2018 ,260 2019 3,595 2020 22,024 -2 Payback Analysis 2010 (3.020) (3,020) 2011 1.302 (1,718) 2012 1.589 2013 2,059 2014 2,197 4 Cash flows -5 Cumulative cash flow 6 Payback period 2015 2.425 2016 2.677 9,229 2017 2.954 12.184 2018 I 2019 3.250 3.595 15.443 1 19,039 M65-L65) Jyears 2020 22.024 41,063 8 5-year Cumulative EBITDA $ 5,666 o Profitability Index NPV/Initial Investment -0.52