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Year   Project A         Project B
  0     -$1000,000    -$100,000
  1       32,000              0
  2       32,000              0
  3       32,000              0
  4       32,000              0
  5       32,000           $200,000

The required rate of return on these projects is 11%.

a. What is each project's payback period?

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