The TurtlesandWhales Company wants to calculate how long it will take to recover their initial investment on a project, Project X. It is assumed that the estimated cash flows are received evenly throughout the year. Cost 100,000 Year 1 $53,000 Year 2 $42,000 Year 3 $30,000 Year 4 $ 100,000 a) What is the payback period? (Give partial year to two decimal places. PLEASE SHOW ALL WORK.

b) Compared to another project, Project Y, with a payback period of 3 years, which project should be chosen?

c) In evaluation of Project X, what is the primary drawback of the payback method?