Lulus Construction is analyzing its capital expenditure proposals for the purchase of equipment in the coming year. The capital budget is limited to $12,000,000 for the year. Lyssa Bickerson, staff analyst at Lulus, is preparing an analysis of the three projects under consideration by Caden Lulus, the company's owner. (Click the icon to view the data for the three projects.) Present Value of $1 table Present Value of Annuity of $1 table Future Value of $1 table Future Value of Annuity of $1 table Read the requirements. A B D 1 Project A Project B Project C 2 Projected cash outflow 3 Net initial investment $ 6,000,000 $ 4,000,000 $ 8,000,000 4 Projected cash inflows 5 Year 1 $ 2,050,000 $ 1,100,000 $ 4,700,000 6 Year 2 2,050,000 2,300,000 4,700,000 7 Year 3 2,050,000 700,000 50,000 8 Year 4 2,050,000 25,000 9 Required rate of return 8% 8% 8% b. Calculate the payback period for each of the three projects. Ignore income taxes. (Round your answers to two decimal places.) Project A years years Project B Project C years