You have been asked to calculate the discounted payback period of the following project. The project has a cost of $252,000. The project has an expected cash flow of $84,000 in year 1 , an expected cash flow of $94,000 in year 2 , an expected cash flow of $64,000 in year 3 and an expected cash flow of $74,000 in year 4 . The required rate of return is 6% compounded annually. How many years does it take for the project to recover its cost on a discounted basis? (What is the discounted payback period in years?)