Question 24 (2 points) King's company is considering the following 5-year project to be conducted at the beginning of year 2021, the initial cost of the project is $20000, and the pre-tax cash flow from the project is 12000, 12000, 20000, 10000, 5000 for year one to year five. The marginal tax rate for the company is 20% and the required rate of return is 8%. At the very beginning the company used the payback period technique to evaluate the project. However, the board subsequently asked the company to use the discounted payback period technique to evaluate the project. Discounted payback period gives the number of years it takes to break even from undertaking the initial expenditure, by discounting future cash flows and recognizing the time value of money. Basically, the discounted payback period is calculated following the same procedure as payback period but use discounted cash flows instead. What's the difference between the payback period and the discounted payback period of this opportunity? 0.197 0.186 0.561 0.177