Payback Period, IRR, and Minimum Cash Flows The management of Mesquite Limited is currently evaluating the following investment proposal: Time 0 Year 1 Year 2 Year 3 Year 4 Initial investment $270,000 -- -- -- -- Net operating cash inflows -- $100,000 $100,000 $100,000 $100,000 (a) Determine the proposal's payback period. Answer years (b) Determine the proposal's internal rate of return. (Refer to Appendix 24B if you use the table approach.) Answer % (c) Given the amount of the initial investme