In: Finance
Consider a project with an initial outlay of $1,000 and yearly cash flows as follows: -300, -100, 200, 300, 300, 100, 100, 200, 600, 400, and 100. Calculate the classical payback period assuming 10% cost of funds. Round your final answer to two decimal places.
(please use excel step-by-step showing formulas) (NEED ANSWER ASAP)