Evaluating projects by the time-adjusted rate of return and the payback reciprocal. Refer to the data given in Problem 27-3, and carry out the following instructions.

Instructions 1. Using the payback period and the annuity table on page 556, determine the approximate time-adjusted rate of return for each of the four proposals.

2. Using the payback period reciprocal, determine the approximate time-adjusted rate of return for each of the four proposals.