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Q 1 1 . The director of the capital budgeting for Giant Inc. has identified two mutually exclusive projects, L and S , with the

Q11. The director of the capital budgeting for Giant Inc. has identified two mutually exclusive projects, L and S, with the following expected net cash flows:
Year Project L Project S
0-$100-$100
11070
26050
38020
Both projects have a cost of capital of 12 percent. What is the payback period for Project S

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