A project will require an initial investment of $600,000 and is expected to generate the following cash flows:

A project will require an initial investment of $600,000 and is expected to generate the following cash flows:Year5$100,000 $250,000 $250,000 $200,000 $100,000(a) What is the project's payback period? (b) If the required rate of return is 20% and taxes are ignored, what is the project's net present value?