Hafners Construction is analyzing its capital expenditure proposals for the purchase of equipment in the coning year. The capital budget is limited to $5,000,000 for the year. Lisa Benson, staff analyst at Hafners, is preparing an analysis of the three projects under consideration by Chuck Hafners, the company's owner (Click the icon to view the data for the three projects.) ) (Click the icon to view the Future Value of $1 factors.) (Click the icon to view the Future Value of Annuity of $1 factors.) (Click the icon to view the Present Value of Annuity of $1 factors.) (Cick the icon to view the Present Value of $1 factors.) Read the requirements. Requirement 1. Because the company's cash is limited, Hafners thinks the payback method should be used to choose between the capital budgeting projects. Calculate the payback period for each of the three projects. Ignore income taxes. (Round your answers to two decimal places Data Table Project A Project B Project C years Project A Project B Project C Using the peyback method, which project(s) should Hafners choose? Projected cash outflow Net initial investment $ 3,000,000 S 2,100,000 3,000,000 Projected cash inflows Year 1 $ 1,200,000 S 1,200,000 $ 1,700,000 Year 2 1,200,000 600,000 700,000 Year 3 1,200,000 500,000 200,000 1,200,000 Year 4 100,000 Required rate of return 8% 8% 8% Enter any number in the edit fields and then continue to the next question. Print Done