The upturned wingtips on jet aircraft reduce drag and increase lift. Wingtips save on fuel consumption, averaging four percent of the total fuel bill. A single set of wingtips can annually save 40,000 gallons of jet fuel costing $3 per gallon. (Fuel is the biggest operating expense of an airline company.) Furthermore, 120 metric tons of carbon dioxide emissions each year will be avoided, and maintenance expenses will be reduced. Wingtips cost $0.8 million to install. The airline company's MARR is 16%. Considering only the fuel savings, what is the simple payback period for the wingtips? What is the discounted payback period? Click the icon to view the interest and annuity table for discrete compounding when the MARR is 16% per year