Preston Plastics is about to wrap up its capital budgeting cycle, and department managers across the company have submitted 500 capital project requests for consideration in the next round of funding. Preston's CFO, Dan LaMontagne, is trying to decide which projects to recommend for funding to the capital projects executive committee. He has gathered all the information about each project's estimated life, initial investment, and cash flows in an Excel spreadsheet and is ready to make his decisions. Preston requires all capital projects to have a payback period of 5 years or less and uses a 12% discount rate. See the Excel data files for answering this problem. How many of the submitted projects meet the payback period screening criterion? Hint: Use Excel's COUNTIF formula to easily calculate this number.