3 The following details are provided by a manufacturing company: Calculate the payback period for the investment. (Round your answer to two decimal places.) Investment Useful life Estimated annual net cash inflows for first year Estimated annual net cash inflows for second year Estimated annual net cash inflows for next ten years Residual value Depreciation method Required tate of retum Product lind $1.190.000 12 year $400.000 $390,000 $490.000 $90.000 Straight line 1290 le minimized View 0 2198 years 0 2.82 years 01.98 years 1 2.20 years