Canada Golf Club (CGC) is considering three independent projects for July 2021 tournament. The three projects are project A, project B and project C. Given the following cash flow information, calculate the payback period for each. If CGC requires a 3-year payback before an investment can be made, which project(s) would be accepted?

Year Project A Project B Project C ($) ($) (Investment) -2,000 $10,000 $5,000 1 -2,000 -6,000 -2,000 21 800 4,000 5,000 31 600 3,000 5,000 4 600 2,000 5,000 5 400 2,000 2,000