Consider the following two mutually exclusive projects:

Year	Cash Flow (A)	Cash Flow (B)
0	-$235,000	-$47,000
1	29,000	28,700
2	45,000	19,900
3	51,000	17,300
4	325,000	16,200

Whichever project you choose, if any, you require a return of 13 percent on your investment.

A) Payback criterion for Project A . Choices: (A. 2 years B. 2.32 years C. 3.48 years D. 3.92 years E. 4 years)

B) Payback criterion for Project B. Choices: (A. 2 years B. 2.32 years C. 3.48 years D. 3.92 years E. 4 years)