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After 3.5 years, the project will still have a negative cumulative after-tax cash flow, calculated as follows: $(550,000) + $(500,000) + $450,000 + $350,000 + (.5 × $250,000) = $(125,000).
After 3.0 years, the project will still have a negative cumulative after-tax cash flow, calculated as follows: $(550,000) + $(500,000) + $450,000 + $350,000 = $(250,000).
The payback period is 4.0 years, calculated as follows: Time Period After-Tax Cash Cumulative Year Inflow/(Outflow) Cash Flow 0 $(550,000) $(550,000) 1 (500,000) (1,050,000) 2 450,000 (600,000) 3 350,000 (250,000) 4 250,000 0 5 150,000 The cumulative after-tax cash flow reaches zero at the end of the 4th year. Therefore, the payback period is 4.0 years.
After 2.3 years, the project will still have a negative cumulative after-tax cash flow, calculated as follows: $(550,000) + $(500,000) + $450,000 + (.3 × $350,000) = $(495,000).