EM9-18 (similar to) Consider the following three projects. All three have an initial investment of $1,100,000. (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 years years Project Project L Project M years Project N years Question Help i Data Table Net Cash Inflows - Project L Project M Project N Year Annual Accumulated Annual Accumulated Annual Accumulated Year 1 $220,000 $ 220,000 $ 320,000 $ 320,000 $550,000 $ 550,000 Year 2 220,000 440,000 370,000 690,000 550,000 1,100,000 Year 3 220,000 660,000 410,000 1,100,000 Year 4 220,000 880,000 460,000 1,560,000 Year 5 220,000 1,100,000 560,000 2,120,000 Year 6 220,000 1,320,000 Year 7 220,000 1,540,000 Year 8 220,000 1,760,000 Print Done