Canada Golf Club (CGC) is considering three independent projects for July 2021 tournament. The three projects are project A, project B and project C. Given the following cash flow information,...

Canada Golf Club (CGC) is considering three independent projects for July 2021 tournament. The three projects are project A, project B and project C. Given the following cash flow information, calculate the payback period for each. If CGC requires a 3-year payback before an investment can be made, which project(s) would be accepted?


Year                       Project A ($)              Project B ($)                Project C ($)
0 (Investment)          -1,000                      -$10,000                       -$5,000
1                                   600                            4,000                          2,000
2                                   300                            3,000                          1,000
3                                   200                            2,000                          2,000
4                                   100                            2,000                          1,000
5                                   500                            4,000                          2,000