Incorrect spelling, explanation: this form is a misspelling (maybe due to prefixes used before some adjectives in- and im-; impact is however not a word with a prefix, but a separate word). Impact comes from the Latin word impactus (past participle form of impingere).
Correct spelling, explanation: this is a word originating in Latin impactus; only this shows us that this is the correct pronunciation. Also, inpact (an incorrect form) is probably mistaken with the prefix in-; impact however is a separate, independent word.
Definition of impact:
noun, a strong influence on, a forceful contact
In physics direct, the forceful, and sudden collision of two bodies is called an impact.
My college years had an impact on me. I learned how to work hard.
verb, to make contact, usually forcefully
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