Elysian Fields, Inc., uses a maximum payback period of 6 years and currently must choose between two mutually exclusive projects. Project Hydrogen requires an initial outlay of $29,000; project Helium requires an initial outlay of $32,000. Using the expected cash inflows given for each project in the following table, calculate each project's payback period. Which project meets Elysian's standards?

Elysian Fields, Inc., uses a maximum payback period of 6 years and currently must choose between two mutually exclusive projects. Project Hydrogen requires an initial outlay of $29,000; project Helium requires an initial outlay of $32,000. Using the expected cash inflows given for each project in the following table, calculate each project's payback period. Which project meets Elysian's standards? The payback period of project Hydrogen is years. (Round to two decimal places.) i X Data Table (Click on the icon here e in order to copy the contents of the data table below into a spreadsheet.) Year 1 2 3 Expected cash inflows Hydrogen Helium $6,500 $7,000 $6,500 $7,000 $7,500 $9,000 $5,000 $5,000 $2,000 $4,000 $2,500 $3,000 4 5 6