Consider the following two mutually exclusive projects:

YearCash Flow (A)Cash Flow: year 0: -364,000, year 1: 46,000, year 2: 68,000, year 3: 68,000, year 4: 458,000 Flow (B) Cash Flow: year 0: -52,000, year 1: 25,000, year 2: 22,000, year 3: 21,500, year 4: 17,500

Whichever project you choose, if any, you require a return of11 percenton your investment.

What is the discountedpayback period for each project?