10 points Gonzalez Company is considering two new projects with the following net cash flows. The company's required rate of return on Investments is 10%. (PV of $1, FV of $1, PVA of $1, and FVA of $1) (Use approprlate factor(s) from the tables provided.) Year Initial investment 1. 2. 3. Net Cash Flows Project 1 Project 2 $(60,000) $(56,500) 15,000 35,000 26,100 15,000 21,000 25,000 a. Compute payback period for each project. Based on payback period, which project is preferred? b. Compute net present value for each project. Based on net present value, which project is preferred? Answer is not complete. Complete this question by entering your answers in the tabs below. Required A Required B Compute payback period for each project. Based on payback period, which project is preferred? (Cumulative net cash outflows must be entered with a minus sign. Do not round your intermediate calculations. Round your Payback period answer to 2 decimal places.) Project 1 Project 2 Year Net Cash Cumulative Net Cash Cumulative Net Cash Net Cash Flows Flows Flows Flows Initial investment S (60,000) $ 60,000 $ (56,500) $ Year 1 15,000 45,000 X 35,000 Year 2 26,100 15,000 Year 3 21,000 25,000 Payback period Project 1 Payback period years Project 2 Payback period years Based on payback period, which project is preferred?