A business is considering the following investment proposals:

a \(\$ 15000\) invested in a savings account that pays \(\$ 300\) (in cash) quarterly.

b \$15000 invested in a delivery van, which would reduce delivery expenses so that cash payments are decreased by \(\$ 1500\) per year for 10 years.

c \$15000 invested in land, on which rates of \(\$ 125\) would be paid each year. The business expects to be able to sell the land after eight years for \(\$ 31250\).

Required:

Calculate the payback period for each of the proposals.