Evaluating projects by the time-adjusted rate of return and
the payback reciprocal. Refer to the data given in Problem 27-3A, 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
tate of return for each of the four proposals.