The following I/S is based on the information associated with a new project. Projected Income Statements We invest $3,000,000 to get started. The residual book value of the new equipment is zero at Year 4 while it will be sold for $300,000. Moreover, we save $50,000 in the net working capital (NWC) at the beginning of the project. The tax rate is 40%. 1) Figure out the Discounted Payback period if the required return is 20%