Investment details:

• Initial investment: $220,000
• Year 1 net cash flow: $35,000
• Year 2 net cash flow: $45,000
• Year 3 net cash flow: $55,000
• Year 4 net cash flow: $65,000
• Year 5 net cash flow: $75,000

Calculate:

1. The cumulative net cash flows at the end of each year.
2. The payback period.
3. The year in which the investment is fully recovered.
4. The profitability index if the required rate of return is 10%.