Problem $8-3$ Calculating Payback $[$LO $1]$

Kara, Incorporated, imposes a payback cutoff of three years for its

international investment projects. Assume the company has the following

two projects available.

a$.$ What is the payback period for each project?

Note: Do not round intermediate calculations and round your answers

to $2$ decimal places, e$.$g$.,32\mathrm{.}16.$

b$.$ Which, if either, of the projects should the company accept?