Please answer fully and show EXCEL formula

Consider the following cash flows of two mutually exclusive projects for Tokyo Rubber Company. Assume the discount rate for both projects is 12 percent.

The treasurer of Amaro Canned Fruits, Incorporated, has projected the cash flows of Projects A, B, and C as follows:

Year	Project A	Project B	Project C
0	$ 195,000	$ 325,000	$ 195,000
1	145,000	238,000	155,000
2	145,000	238,000	125,000

Suppose the relevant discount rate is 12 percent per year.

a.	Compute the profitability index for each of the three projects. (Do not round intermediate calculations and round your answers to 2 decimal places, e.g., 32.16.)

Year	Dry Prepreg	Solvent Prepreg
0	$ 1,800,000	$ 800,000
1	1,110,000	425,000
2	920,000	700,000
3	760,000	410,000

a.	What is the payback period for both projects? (Do not round intermediate calculations and round your answers to 2 decimal places, e.g., 32.16.)