Long$-$term investment decision, payback method Personal Finance Problem$$Bill Williams has the opportunity to invest in project A that costs

$$9,600$

today and promises to pay

$ $2,100,$

$ $2,400,$

$ $2,400,$

$ $2,100$

and

$$1,700$

over the next $5$ years. Or$,$ Bill can invest

$ $9,600$

in project B that promises to pay

$ $1,500,$

$ $1,500,$

$ $1,500,$

$ $3,400$

and

$ $4,000$

over the next $5$ years.$$

$($Hint:

For mixed stream cash inflows, calculate cumulative cash inflows on a year$-$to$-$year basis until the initial investment is

recovered.$)$

a$.$How long will it take for Bill to recoup his initial investment in project A$?$

b$.$How long will it take for Bill to recoup his initial investment in project B$?$

c$.$Using the payback period, which project should Bill choose?

d$.$Do you see any problems with his choice?

Question content area bottom

Part $1$

a$.$For Bill to recoup his initial investment in project A$,$ it will take how many yearsyears.$($Round to two decimal places.$)$