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 $250,000 Net operating cash inflows - $100,000 $100,000 $100,000 $100,000 (a) Determine the proposal's payback period. years (b) Determine the proposal's internal rate of return. (Refer to Appendix 12B if you use the table approach.) % (c) Given the amount of the initial investment, determine the minimum annual net cash inflows required to obtain an internal rate of return of 8 percent. Round the answer to the nearest dollar. $