Consider the following three projects. All three have an initial investment of 51,200,000. B (Click the icon to view the investments ) Requirements 1. Determine the payback period of each project. Rank the projects from most desirable to least desirable based on payback. 2. Are there other factors that should be considered in addition to the payback period? Requirement 1. Determine the payback period of each project. Rank the projects from most desirable to least desirable based on payback First, determine the payback period of each project. (Enter the payback peried as a numeral.) Payback period in Project years Project L years Project M years Project N years Data table Met Cash Inflows Project M Project N Year Annual Accumulated Annual Accumulated Annual Accumulated Year1 |% 240,000 % 240,000 % 140,000 140,000 % 600,000 & 600,000 Year 2 240,000 430,000 190,000 0 600,000 1,200,000 240,000 0, 240,000 240,000 . 630,000 240,000 1,200,000 650,000 240,000 1,440,000 240,000 1,680,000 240,000 1,920,000