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 $171,200 Project Edge $187,250 Project Clayton $202,000 Capital investment Annual net income: Year 1 14,980 14,980 14,980 14,980 14,980 $74,900 19,260 18,190 17,120 12,840 9,630 77,040 28,890 24,610 22,470 13,910 12,840 $102,720 Total 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.) Your answer is partially correct. Try again. Compute the cash payback period for each project. (Round answers to 2 decimal places, e.g. 10.50 Project Bono Project Edge Project Clayton 3.48l years years years