Your firm has estimated the following cash flows for two mutually exclusive capital investment projects. The firm's required rate of return is 13%. What is the payback of project A?

Year Project A Cash Flow Project B Cash Flow

0 -$100,000 -$100,000

1 28,900 48,000

2 28,900 40,000

3 28,900 40,000

4 28,900

5 28,900