Year $0$

Year $1$

Year $2$

Year $3$

Cash flow $-$$$4,500,000$ $$1,800,000$ $$3,825,000$ $$1,575,000$

Discounted cash flow

Cumulative discounted cash flow

Discounted payback period: years

Which version of a project$$s payback period should the CFO use when evaluating Project Beta, given its theoretical superiority?

The regular payback period

The discounted payback period