The Three Stages partnership is considering three long-term capital investment proposals. Each investment has a useful life of five years. Relevant data on each project are as follows:

		Project Main			Project Odyssey			Project Duo
Capital investment:		$163,500			$174,400			$204,000
Annual net income:
Year 1		$14,170			$19,620			$29,430
2		14,170			18,530			23,980
3		14,170			17,440			22,890
4		14,170			13,080			14,170
5		14,170			9,810			13,080
Total		$70,850			$78,480			$103,550

Depreciation is calculated by the straight-line method and there is no salvage value. The companys cost of capital is 15%. (Use average net annual cash flows in your calculations.)

(a)

Calculate the cash payback period for each project. (Round answers to 2 decimal places, e.g. 15.25.)

		Payback period
Project Main			years
Project Odyssey			years
Project Duo			years