If the required rate of return is 12% per year and considering that the cash flows below are realized at the end of each year, determine the discounted payback period for the same 5 alternative projects. Does the rank build in (i) change? Why? Explain mathematically.

Year 0 1 2 3 4 5 Project A Project B Project C Project D Cash Flow Cash Flow Cash Flow Cash Flow -$8,000.00 -$6,000.00 -$12,000.00 -$7,000.00 $2,300.00 $3,300.00 $4,500.00 $500.00 $4,700.00 $2,000.00 $4,700.00 $800.00 $3,200.00 $1,250.00 $6,000.00 $1,300.00 $1,200.00 $700.00 $12,000.00 $1,600.00 $800.00 $1,800.00 $15,000.00 $1,200.00 5