Cricket T20 is considering three new projects in Australia, New Zealand and South Africa. Each one requires an investment of $25,000 and will last for three years. Each will produce the following net annual cash flows: Year Australia New Zealand South Africa 1 $7,000 $9,600 $13,000 2 9,000 9,600 9,000 3 12,000 9,600 11,000 Total $28,000 $28,800 $33,000 Cricket T20 will not accept any project with a payback period longer than two and a half years. Cricket T20 wants to know why they should use the Cash payback technique. the period is calculated by dividing the annual cash inflow by the cost of the capital investment. the longer the payback period the more attractive the investment. the technique is a quick way to calculate a project's net present value. the technique is frequently used as a screening tool but it does not take into consideration the long-term profitability of a project