McDonald's Corporation is considering investing in three projects. Project A requires an initial investment of $300,000 and generates cash flows of $60,000 per year for 5 years. Project B requires an initial investment of $400,000 and generates cash flows of $80,000 per year for 6 years. Project C requires an initial investment of $500,000 and generates cash flows of $100,000 per year for 7 years. Calculate the payback period for each project.

Project	Initial Investment	Annual Cash Flows	Maturity (Years)	Payback Period
A	$300,000	$60,000	5
B	$400,000	$80,000	6
C	$500,000	$100,000	7