Problem:
An investment project provides cash inflows of $705 per year for eight years.
Requirement:
Question 1: What is the project payback period if the initial cost is $1,900? What if the initial cost is $3,700? What if it is $5,700?
Question 2: What is the project payback period if the initial cost is $1,900?
Question 3: What is the project payback period if the initial cost is $3,700?
Question 4: What is the project payback period if the initial cost is $5,700?
Note: Explain all calculation and formulas.