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 Bono		Project Edge		Project Clayton
Capital investment		$176,000		$192,500		$212,000
Annual net income:
Year 1		15,400		19,800		29,700
2		15,400		18,700		25,300
3		15,400		17,600		23,100
4		15,400		13,200		14,300
5		15,400		9,900		13,200
Total		$77,000		$79,200		$105,600

Depreciation is computed by the straight-line method with no salvage value. The companys cost of capital is 15%. (Assume that cash flows occur evenly throughout the year.) Click here to view PV table.

(a)

Compute the cash payback period for each project. (Round answers to 2 decimal places, e.g. 10.50.)

Project Bono			years
Project Edge			years
Project Clayton			years