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The payback period for a project that costs $11,000 and returns $4,000 in year 1, $5,000 in year 2 and $3,000 in year 3 is? O2 and 2/3 years O 3 years O2 and 1/3 years O 2 years
The payback period for a project that costs $11,000 and returns $4,000 in year 1, $5,000 in year 2 and $3,000 in year 3 is? O2 and 2/3 years O 3 years O2 and 1/3 years O 2 years
Expert Solution
Cumulative cash flow for year 0 = -11000
Cumulative cash flow for year 1 = -11000 + 4000 = -7,000
Cumulative cash flow for year 2 = -7000 + 5000 = -2,000
Cumulative cash flow for year 3 = -2000 + 3000 = 1,000
2,000 / 3000 = 2 / 3
Payback period = 2 and 2/3 years
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