Please show work and formulas used.

A firm with a 13% WACC is evaluating two projects for this year's capital budget. After-tax cash flows, including depreciation, are as follows:

0 1 2 3 4 5

Project M	-$27,000	$9,000	$9,000	$9,000	$9,000	$9,000
Project N	-$81,000	$25,200	$25,200	$25,200	$25,200	$25,200

a. Calculate discounted payback for each project. Round your answers to two decimal places. Do not round your intermediate calculations. Project M __ years Project N __ years