Question 12 (3 points) Mind Works Company is analyzing the desirability of a capital expenditure that will allow them to produce and sell a new product. They have a required return of 14%, and have estimated the project will have an initial investment and incremental after- tax annual cash flows as shown below: Year Cash Flow 0 - $227,500 1 50,000 2 60,000 3 90,000 4 120,000 5 150,000 What is the payback period for the above project? 2.94 Years 3.23 Years 3.13 Years 3.31 Years 3.77 Years