question 1 I posted already and it has been answered, but question 2 is related to it so please answer question 2 ! thanks. also can I have an answered written solution. not excel

1) A firm considers an investment whose cost is $ 3 000 000 which is paid in 2020. The expected cash flows from this investment are as follows:

2021 $ 500 000

2022 $ 700 000

2023 $ 1 000 000

2024 $ 1 000 000

2025 $ 800 000

2026 $ 600 000

The firms desired target payback period is 3 years which means that firm accepts all projects with a payback period less than 3 years.

2) Let us consider the same investment whose cost and expected cash flows are given in Question 1 using discounted payback period.

a) What is the exact payback period of that investment according to the discounted payback method if the relevant discount rate for that investment is 14%

b) Should the firm accept or reject this investment if the desired payback period of the investment is 3 years

NO EXCEL!