Project Ell requires an initial investment of $50,000 and the produces annual cash flows of $30,000, $25,000, and $15,000. Project Ess requires an initial investment of $60,000 and then produces annual cash flows of $25,000 per year for the next ten years. The company ranks projects by their payback periods. A Projects with unequal lives cannot be ranked using the payback method. Ess will be ranked higher than EII. EII and Ess will be ranked equality EII will be ranked higher than Ess