1. What are the advantages and disadvantages of the payback method, NPV, IRR? What is the decision criterion for NPV and IRR? Consider the cash flows for the following two investments: Year Investment 2 Investment 1 -300 0 -300 1 40 2 3 100 140 60 80 200 240 4 250 a. What are the payback periods on these two investments? b. What are the NPV and IRR for each project if the required rate of return is 8%