B. Calculate the payback period for a project that requires an investment of $120,000, and has the following returns over a 4 year period:
Year	1	2	3	4
Cash Flow	$32,456	$44,652	$39,673	$38,950
C. Calculate the payback period for the project with the following cash flow projection. What do you expect might happen if the time value of money is applied to this project?
Year	0	1	2	3	4
CF	($235,498)	$64,987	$54,378	$49,987	$43,675
D. Select the preferable project using the payback period method. Under what conditions does the use of the payback period make sense for project selection?
	0	1	2	3	4
CF Project 1	($98,024)	$43,423	$35,674	$23,456	$18,316
CF Project 2	($79,315)	$26,000	$26,000	$26,000	$26,000