please explain this question properly

Ivanhoe Corporation is reviewing an investment proposal. The schedule below presents the initial cost and estimates of the book value of the investment at the end of each year, the net cash flows for each year, and the net income for each year. All cash flows are assumed to take place at the end of the year. The investment's salvage value at the end of each year is equal to its book value. There would be no salvage value at the end of the investment's life. Year Investment Proposal Initial Cost and Book Value Annual Cash Flows $105.900 Annual Net Income 0 1 70.900 $50,200 $14,800 2 41.900 45,800 16,300 3 20,000 40,200 19,200 4 7.100 35,500 20,000 5 0 29,600 23.000 Ivanhoe Corporation uses a 15% target rate of return for new investment proposals, 29,600 23,000 5 Ivanhoe Corporation uses a 15% target rate of return for new investment proposals. (a) What is the cash payback period for this proposal? (Round answer to 2 decimal places, eg. 12.52.) years Cash payback period Attempts: 0 of 1 used Submit Answer Save for Later