Pateos Corp. is considering 3 long-term capital investment proposals. Each Investment has a useful life of 5 years. Relevant data on each project are as follows: Project Red Project White Project Blue Capital Investment $160,000 $180,000 $200,000 Annual net income: Year 1 27,000 13,000 18.000 13,000 17,000 22.000 16.000 13,000 16,000 13,000 12.000 13,000 13,000 9.000 12.000 $72,000 $90,000 Total $65,000 ====== Depreciation is computed by the straight-line method with no salvage value. The company's cost of capital is 15%. Instructions: Compute the cash payback period for each project (round to two decimals)