Valpre Limited's management is faced with choosing between two expansion projects: Project Mike and Project Ross. Both projects require an initial investment of R$250,000$ and have no expected scrap value. Project Mike is expected to generate net cash inflows of R$63,000$ annually over its five$-$year lifespan. In contrast, Project Ross will deliver annual profits of R$8,000,$ R$18,000,$ R$12,000,$ R$20,000,$ and R$7,000$ over the same five$-$year period. The required rate of return for evaluating both projects is set at $15\%,$ and depreciation will be calculated using the straight$-$line method. Use the information provided above to calculate the following: Payback Period for both projects $($answer expressed in years, months and days$).$