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Consider the following three projects. All three have an initial investment of $700,000 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 period as a numeral.) Payback period in Project Project M Project years Project N years years Data Table Net Cash Inflows Project L Year Annual Accumulated Year 1 $ 175,000 $ 175,000 $ Year 2 175,000 350,000 Year 3 175,000 525,000 Year 4 175,000 700,000 Year 5 175,000 875,000 175,000 1.050,000 Year 7 175,000 1,225,000 Year & 175,000 1.400,000 Project M Project N Annual Accumulated Annual Accumulated 25,000 $ 25,000 $ 350,000 $ 350,000 75,000 100,000 350,000 700,000 125,000 225,000 225,000 450.000 250,000 700.000 Enter any number in the e Year 6 2 parts remaining