The cash inflows and (outflows) associated with a project are as follows:

	$
At beginning	(120,000)
first year	40,000
second year	50,000
third year	60,000
Value of the Project left after 3 years	20,000

The payback period for this project would be:

a) 1 Year and 3 months

b) 2 Years and 6 months

c) 3 years 4 months

d) 1 year and 6 month

I want a small calculation also along with selection...