Consider the following cash flows of two mutually exclusive projects for Tokyo Rubber Company. Assume the discount rate for both projects is 11...

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Consider the following cash flows of two mutually exclusive projects for Tokyo Rubber Company. Assume the discount rate for both projects is 11 percent.

YearDry PrepregSolvent Prepreg0-$1,790,000 -$795,000 1 1,109,000  420,000 2 918,000  690,000 3 759,000  408,000 

a.What is the payback period for both projects?