Question $1$ Part F: You want to develop a new product and you want to make your money back as quickly as possible. There are four potential products that you can invest in$.$

Project $1$

Project $2$

Project $3$

Project $4$

Initial Cost

$$60,000$

$$70,000$

$$77,500$

$$85,000$

Annual Revenues

$$10,500$

$$16,000$

$$8,500$

$$15,000$

Length of Ownership

$6$

$4$

$9$

$10$

Question $1$ Part F: Which project should be selected based on your conventional payback period analysis?

Group of answer choices

Project $4$ should be selected, as its payback period is the smallest amount of time that exists while the project is within its period of ownership.

Project $2$ should be selected, as its payback period is the smallest amount of time needed to repay the initial cost.

Project $3$ should be selected, as its payback period is the largest amount of time that exists of the four options.

Project $1$ should be selected as its payback period is the closest to its length of ownership, which allows you to make your money back.