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Problem 12-1A 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 Edge Project Clayton Project Bono $187,250 $171,200 $202,000 Capital investment Annual net income: Year 1 14,980 19,260 28,890 18,190 14,980 24,610 14,980 22,470 17,120 14,980 13,910 12,840 14,980 9,630 12,840 $74,900 $102,720 Total $77,040 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 Click here to view PV table LX Your answer is incorrect. Try again. Compute the cash payback period for each project. (Round answers to 2 decimal places, e.g. 10.50.) Project Bono 2.28 years Project Edge 2.43 years 1.97 years Project Clayton