Consider the following three projects. All three have an initial investment of $600,000. (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.) Project Payback period in years Project L years Project M years Project N years estion list Data table K Consider the following three projects. All three have an initial investment of $600,000. - . X he Net Cash Inflows Project L Project M Project N Year Annual Accumulated Annual Accumulated Annual Accumulated Year 1 $ 150,000 $ 150,000 $ 50,000 $ 50,000 $300,000 $ 300,000 Year 2 150,000 300,000 100,000 150,000 300,000 600,000 Year 3 150,000 450,000 450,000 600,000 ck Year 4 150,000 600,000 500,000 1,100,000 Year 5 150,000 750,000 550,000 1,650,000 Year 6 150,000 900,000 Year 7 150,000 1,050,000 Year 8 150,000 1,200,000 Print Done