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1. An investment project has annual cash inflows of $3,500, $4,400, $5,600, and $4,800, and a discount rate of 14%.What is the discounted payback period for these cash flows if the initial cost is $6,200? (Do not round intermediate calculations and round your final answer to 2 decimal places. (e.g., 32.16))Discounted payback period _____ yearsWhat is the discounted payback period for these cash flows if the initial cost is $8,300? (Do not round intermediate calculations and round your final answer to 2 decimal places. (e.g., 32.16))Discounted payback period _____ yearsWhat is the discounted payback period for these cash flows if the initial cost is $11,300? (Do not round intermediate calculations and round your final answer to 2 decimal places. (e.g., 32.16))Discounted payback period _____ yearsDiscounted payback:Discounted payback period is a better method of evaluating capital budgeting decisions than simple payback method. However, the drawback of this method is that it does not consider cash flows that occur after the payback is reached