Long-term investment decision, payback method Personal Finance ProblemBill Williams has the opportunity to invest in project A that costs $7100 today and promises to pay $2300,$2400, $2400, $1900, and $1900 over the next 5 years. Or, Bill can invest $7100 in project B that promises to pay $1600,$1600, $1600, $3700,, and $4000 over the next 5 years.(Hint: For mixed stream cash inflows, calculate cumulative cash inflows on a year-to-year basis until the initial investment is recovered.) a.How long will it take for Bill to recoup his initial investment in project A? b.How long will it take for Bill to recoup his initial investment in project B? c.Using the payback period, which project should Bill choose? d.Do you see any problems with his choice?

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