Green Department Stores is considering two possible expansion plans. One proposal involves opening 5 stores in Florida at the cost of $1.810,000. Under the other proposal, the company would focus on Georgia and open 6 stores at a cost of $2,500,000 The following information is available: Florida proposal Georgia proposal $1,810,000 $2,500,000 7 years 7 years $60,000 $50,000 Required investment Estimated life Estimated residual value Estimated annual cash inflows over the next 9 years Required rate of return $500,000 1490 $800,000 14% The payback period for the Florida proposal is closest to 4.11 years 30.17 years 3.62 years. 3.13 years