The American Pharmaceutical Company (APC) has a policy that all capital investments must have a four-year or less discounted payback period in order to be considered for funding. The MARR at APC is 8% per year. Is the above project able to meet this benchmark for funding?

End of Year Cash Flow, $ 0 -290,000 1 -45,000 2 60,000 3 180,000 4 260,000 5 330,000 6-10 110,000

A) The payback period is how many years? B) Does the project meet the benchmark?