Question 1) The following details are provided by a manufacturing company. Investment Useful life Estimated annual net cash inflows for first vear Estimated annual net cash inflows for second vear Estimated annual net cash inflows for next ten vears Residual value Depreciation method Required rate of return Product line $1,100,000 12 vears $385,000 $395,000 $300,000 $50,000 Straight-line 12% Calculate the payback period for the investment. Note: You may find the formula in the PPT slides