Trendy Manufacturers is investigating the possibility of investing in one of two projects. The net cash flows for the two competing investment opportunities are as follows: Year Project Ron Project Hob 1 R560 000 R340 000 2 R500 000 R340 000 3 R400 000 R340 000 4 R200 000 R340 000 5 R50 000 R340 000 Each project requires an initial investment of R1 200 000.

Use the information given aboveto calculate the following: 5.1 Payback Period of both projects (expressed in years, months and days