Answer:
The payback period for each of the project is - project A = 3.33 and project B = 2.13
Explanation:
First of all the payback period means the amount of time it would take for  a company to recover its initial cost or investment which it has invested in the project .
<u>Calculating the payback period for project A</u>
Year   Cash flow      Cumulative    Discounting     Present    Discounted
                                  cash flow        factor              value        cumulative flow
( NOTE - Formula used for discounting factor = 1 / (1 + i)^n, where i = 16% which is the rate of return on the investment and n is the number of years.)
0   -$343,000       -$343,000          1                  -$343,000         -$343,000
1     $52,000         -$291,000          .86206         $44,828           -$298,172
2    $72,000          -$219,000         .74314            $53,508         -$244,665
3    $72,000          -$147,000         .64063            $46,127         -$198,537
4    $447,000         $300,000        .55226           $2,46,874        $48,337
Now we will in which year the cash flow was last negative and then in that we will add ( cumulative cash flow of the year it was last negative / cash flow of the next period ).
= 3 + $147,000 / $447,000
= 3.33 ( payback period for project A ) 
<u>Calculating the payback period for project B</u>
Year   Cash flow      Cumulative    Discounting     Present    Discounted                                                               
                                    cash flow       factor              value         cash flow
 0        -$50,000         -$50,000         1                   -$50,000    -$50,000
 1          $24,700          -$25,300         .86206        $21,293       -$28,707
 2         $22,700          -$2600            .74314          $16,869      - $11,838
 3         $20,200          $17,600           . 64063        $12,941        $1013
 4         $15,300           $32,900          .55226         $8,450        $9463
Now we will in which year the cash flow was last negative and then in that we will add ( cumulative cash flow of the year it was last negative / cash flow of the next period ).
= 2 + 2600 / 20,200
= 2.13 ( payback period for project B)