1 Exercise 24-16 (Algo) Investment decisions; no calculations LO P1, P3, P4 Lopez Company is considering three alternative investment projects below: Payback period Project 1 3.8 years $ 25,300 12.8% Project 2 4.3 Years $32,300 11.7% Project 3 3.5 Years $ 10,300 Net present value ** Internal rate of return 11.1% Which project is preferred if management makes its decision based on (a) payback period, (b) net present value, and (d internal rate of return? ces Preferred Investment Reason a Payback period b. Net present value c Internal rate of return. Check my wo