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.

Calculate each project's cash payback period, ranking the projects by most desirable to least desirable. (12 marks) Show all workings for maximum marks.