Logan Farms is evaluating the feasibility of a new grain elevator. The farm has decided to use the payback period project evaluation method, and requires a payback of 2 years. Given the following cost/cash flow estimates, should the grain elevator be purchased, and why? Initial Cost Period Cash flows $5,000,000 2,000,000 2 2,300,000 2,600,000 1,200,000 1 3 4 Multiple Choice Yes; the payback period is less than 1 year Yes; the payback period is less than 2 years No; the payback period is more than 2 years No; the payback period is more than 3 years More information is needed to answer this