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Answer (C) is correct . The discounted payback period for an investment, assuming a 6% discount, can be found by accumulating each year’s discounted net cash flows until the ? initial investment is recovered. $150,000 ×.94339 = $141,508.50 175,000 ×.88999 = 155,748.25 125,000 ×.83962 = 104,952.50 100,000 ×.79209 = 79,209.00 $481,418.25 Thus, the answer is something greater than four years. After four years, an additional $18,581.75 ($500,000 – $481,418.25) is needed. The calculation for the fifth year is $74,726 ($100,000 × .74726). Consequently, the discounted payback period is approximately 4.25 years [4 + ($18,581.75 ÷ $74,726)].

Answer (A) is incorrect because This number of years is the undiscounted payback period.
Answer (B) is incorrect because This number of years results from not discounting the cash flows in the fourth year.
Answer (D) is incorrect because The full fifth year is not necessary.