Consider the following two mutually exclusive projects:

Year	Cash Flow (A)				Cash Flow (B)
0	$	342,000			$	50,500
1		53,000				24,800
2		73,000				22,800
3		73,000				20,300
4		448,000				15,400

Whichever project you choose, if any, you require a 14 percent return on your investment.

a-1	What is the payback period for each project? (Round your answers to 2 decimal places. (e.g., 32.16))

	Payback period
Project A	years
Project B	years

a-2

If you apply the payback criterion, which investment will you choose?

	Project A
	Project B

b-1	What is the discounted payback period for each project? (Do not round intermediate calculations and round your final answers to 2 decimal places. (e.g., 32.16))

	Discounted payback period
Project A	years
Project B	years