4. Suppose one firm imposes a payback cutoff of three years for its international investment projects. If the company has the following two projects available. The first project has costs $65,000, and earns $35,000 in the first year, $31,000 in the second year, $21,000 and $8,000 for the third and fourth year. The second one has costs $70,000 and earns $23,000, $28,000, $21,000 and $220,000 in the first, second, third and fourth year respectively. What's the payback period for the first project ? What's the payback period for the second project ? 1.03 1.97 2.03 d 2.90 2.97 U 3.09