The management of Ortega Manufacturing has three different proposals under consideration. The Accounting Department has prepared the following information: A B C Initial investment $2,055,000 $3,100,000 $2,450,000 Useful life of equipment 8 years 7 years 7 years Estimated salvage value $100,000 $-0- $400,000 Estimated annual net income $269,375 $295,240 $263,960 *Management's required rate of return is 12%. (ii). Which of the above proposals has the shortest payback period? Select one: a. Cannot be determined with the given information. b. Proposal C. c. Proposal A. d. Proposal B