The initial outlay or cost is $1,500,000 for a four-year project. The respective future cash inflows for years 1, 2, 3 and 4 are: $400,000, $500,000, $600,000 and $200,000. What is the payback period without discounting cash flows? Consider the following four-year project.

The initial outlay or cost is $210,000. The respective cash inflows for years 1, 2, 3 and 4 are: $100,000, $80,000, $80,000 and $20,000. What is the discounted payback period if the discount rate is 11%?