Year Sun Ltd Total Moon Ltd Total Best Ltd Total Pep Ltd Total 0 -$80,000 -$80,000 -$80,000 -$80,000 -$80,000 -$80,000 -$80,000 -$80,000 1 $30,000 -$50,000 $20,000 -$60,000 $20,500 -$59,500 0 -$80,000 2 $25,000 -$25,000 $30,000 -$30,000 $20,500 -$39,000 30,000 -$50,000 3 $20,000 -$5,000 $0 -$30,000 $20,500 -$18,500 0 -$50,000 4 $15,000 $10,000 $20,000 -$10,000 $20,500 $2,000 28,000 -$22,000 5 $10,000 $20,000 $10,000 $0 $20,500 $22,500 25,000 $3,000 6 $5,000 $25,000 $30,000 $30,000 $0 $22,500 40,000 $43,000 Payback Period = Initial investment / Cash flow per year iii) Calculate the discounted payback period for the projects with positive NPVs.