i) What are the advantages of payback period? Why payback period is not a superior project selection criteria? (4 pts)

ii) Explain the two situations when IRR is not a good project selection criteria.(6 pts)

iii) A project has an initial cost of $18,400 and expected cash inflows of $7,200, $8,800, and $9,500 over Years 1 to 3, respectively. What is the discounted payback period if the required rate of return is 12.2 percent?