Question3 0.5 pts The following details are provided by a manufacturing company Product line $1,100,000 12 years $400,000 Investment Useful life Estimated annual net cash inflows for first year Estimated annual net cash inflows for second year Estimated annual net cash inflows for next ten years $390,000 $380,000 $70,000 Straight-line 14% Residual value Depreciation method Required rate of return Calculate the payback period for the investment. (Round your answer to two decimal places.) 2.75 years O 2.82 yeans 2.55 years 2.77 years