Cricket T20 is considering three new projects in Australia, New Zealand and South Africa. Each one requires an investment of $25,000 and will last for three years. Each will produce the following net annual cash flows: Year Australia New Zealand South Africa 1 $7,000 $9,600 $13,000 2 9,000 9,600 9,000 3 12,000 9,600 11,000 Total $28,000 $28,800 $33,000 Cricket T20 will not accept any project with a payback period longer than two and a half years. Australia's cash payback period is 2.75 1.12 2.60 2.27