Problem 24-1A U3 Company is considering three long-term capital investment proposals. Each investment has a useful life of 5 years. Relevant data on each project are as follows. Project Bono $176,000 Project Edge $192,500 Project Clayton $212,000 Capital investment Annual net income: Year 1 15,400 15,400 15,400 15,400 15,400 $77,000 19,800 18,700 17,600 13,200 9,900 $79,200 29,700 25,300 23,100 14,300 13,200 $105,600 4 Total Depreciation is computed by the straight-line method with no salvage value. The company's cost of capital is 15%. (Assume that cash flows occur evenly throughout the year.) Compute the cash payback period for each project. (Round answers to 2 decimal places, e.g. 10.50.) Project Bono Project Edge Project Clayton years years years