What is the payback period for a $20,000 project that is expected to return $6,000 for the first two years and $3,000 for years 3 through 5? a. 5 b. 3 1/2 c. 4 1/2 d. 4 2/3?

Let's start by adding year one and two together!
In year one and two, we expect to get 6,000 dollars right? So...
 6,000
+6,000

12,000
That's not enough to cover your debt! So let's add year three. In year three you expect to get $3,000. So...
  12,000
+3,000

15,000.
Still not enough! So let's add year four. You are expected to make $3,000. So...
   15,000
+   3,000

18,000.
Still not enough... Year five, you expect to make $3,000. So...
  18,000
+  3,000

21,000
Whoa, that's too much! How much is it to much by? 1/3rd of a year.
So your answer is D. 4 2/3.
Hope this helps! Have a happy holiday!