GHI Enterprises is considering the following two projects, Project Alpha and Project Beta, each requiring an initial outlay of AUD 45,000. The projected cash inflows are listed below:

Year	Cash flows (Project Alpha)	Cash flows (Project Beta)
(Initial Investment)	(45,000)	(45,000)
1	10,000	20,000
2	15,000	15,000
3	10,000	10,000
4	5,000	5,000

a. Compute the payback period for each project.

b. Given that the company’s required payback period is 2.5 years, which project should GHI Enterprises invest in? Provide your reasoning.