Consider the following three projects. All three have an initial investment of $500,000. (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 years Project L years Project M years Project N years Net Cash Inflows Project L Project M Project N Year Annual Accumulated Annual Accumulated Annual Accumulated Year 1 $ 62,500 $ 62,500 $ 112,500 $ 112,500 $ 250,000 $ 250,000 Year 2 62,500 125,000 162,500 275,000 250,000 500,000 Year 3 62,500 187,500 225,000 500,000 Year 4 62,500 250,000 275,000 775,000 Year 5 62,500 312,500 325,000 1,100,000 Year 6 62,500 375,000 Year 7 62,500 437,500 Year 8 62,500 500,000