Garage, Inc., has identified the following two mutually exclusive projects. The required rate of return on both projects is 12%. What is the payback period of project A? Year Cash Flow (A) Cash Flow (8) -$29,000 -$29,000 14,400 4,400 2 2 12,300 9,800 3 9,200 18,500 8,100 16,800 Year Cash Flow (A) Cash Flow (B) 0 -$29,000 -$29,000 1 14,400 4,400 N 12,300 9,800 3 9,200 18,500 4 8,100 16,800 2.01 years 2.25 years 2.8 years 6.6 years