Long$-$term investment$$ decision, payback method Personal Finance Problem$$Bill Williams has the opportunity to invest in project A that costs $$6,900$ today and promises to pay $$2,200,$ $$2,600,$ $$2,600,$

$$2,000$ and $$1,800$ over the next $5$ years. $$ Or$,$ Bill can invest $$6,900$ in project B that promises to pay $$1,300,$ $$1,300,$ $$1,300,$ $$3,700$ and

$$4,000$ over the next $5$ years.$($Hint: For mixed stream cash$$ inflows, calculate cumulative cash inflows on a$$ year$-$to$-$year basis until the initial investment is recovered.$)$

a$.$How long will it take for Bill to recoup his initial investment in project$$ A$?$

b$.$How long will it take for Bill to recoup his initial investment in project$$ B$?$

c$.$Using the payback$$ period, which project should Bill$$ choose?

d$.$Do you see any problems with his$$ choice?