8. Below are the expected after-tax cash flows for Projects Y and Z. Both projects have an initial cash outlay of $20,000 and a required rate of return of 17%.

Project Y Project Z

Year 1 $12,000 $10,000

Year 2 $8,000 $10,000

Year 3 $6,000 0

Year 4 $2,000 0

Year 5 $2,000 0

What are the discounted payback periods for projects Y and Z?

A) 1.64 and 1.71 years.

B) 3.14 years and never.

C) 2 years and 2 years.

D) 5 years and never.