Answer the following question?

A project requires a $1,520,000 initial investment for new machinery. The project is expected to yield income of $110,000 per year and net cash flows of $304,000 per year for the next five years. The project's payback period is: Multiple Choice 5.0 years. 2.8 years. 13.8 years. 37 years. 5 A yeats: Porter Company is analyzing two potential investments. If the company is using the payback period method, and it requires a payback of three years or less, which project(s) should be selected Multiple Choice Project Y, Project x Both X and Y are acceptobie projects. Noither X nor Y is an acceptable project