er M:11 Homework Part 1 of 3 Points: 0 of 1 Consider the following three projects. All three have an initial investment of $1,200,000. (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 Data table Net Cash Inflows Project L Project M Year Annual Accumulated Annual Accumulated Project N Annual Accumulated Year 1 $150,000 $ 150,000 $ 250,000 $ 250,000 $600,000 $ 600,000 Year 2 150,000 300,000 350,000 600,000 600,000 1,200,000 Year 3 150,000 450,000 400,000 1,000,000 Year 4 150,000 600,000 200,000 1,200,000 Year 5 150,000 750,000 250,000 1,450,000 Year 6 150,000 900,000 Year 7 150,000 1,050,000 Year 8 150,000 1,200,000 Print Done