Party Planet's sales have been dropping. They want to host an event that will introduce their new products in hopes of attracting new customers. The cost of the event is $50,000. The net cash flows resulting from the investment are as follows:

Year 1: $60,000;

Year 2: $10,000;

Year 3: $500.

Compute the payback period for this project.

Group of answer choices

1.00

1.37

0.83

1.78

Please compute answer using excel