Quest Consider the following three projects. All three have an initial investment of $700,000 Click the icon to view the investments.) Requirements 1. Determine the payback period of each project. Rank the projects from most desirable to least desirable based on payback. Are there other factors that should be considered in addition to the payback period? 2. Requirement 1. Determine the payback period of each project. Rank the projects from most desirable to least desirable based on payback. First, determine the payback period of each project. (Enter the payback period as a numeral.) Payback period in Project years years Project L Project M Project N years years Enter any number in the edit fields and then click Check Answer. Data Table Net Cash Inflows Project L Year Annual Accumulated Year 1 $ 87,500 $ 87,500 $ Year 2 87,500 175,000 Year 3 87,500 262,500 Year 4 87,500 350,000 Project M Project N Annual Accumulated Annual Accumulated 137,500 $ 137,500 $ 350,000 $ 350,000 187,500 325,000 350,000 700,000 375,000 700,000 475,000 1.175,000 525,000 1,700,000 Year 5 87.500 437,500 Year 6 87.500 525,000 Year 7 87,500 87.500 612,500 700,000 Year 8 Print Done