Britney Javelin Company is considering two investments, both of which cost $47,000. The cash flows are as follows: Use Appendix B and Appendix D. Year Project M Project N 1 $25,000 $21,000 2 20,000 23,000 3 18,000 25,000 a. Calculate the payback period for project M and project N. (Round the final answers to 2 decimal places.) Payback period Project M years Project N years b-1. Calculate the NPV for project M and project N. Assume a cost of capital of 8 percent. (Round "PV Factor" to 3 decimal places. Round the intermediate and final answers to the nearest whole dollar.) Net present value Project M $ Project N $ b-2. Which of the two projects should be chosen based on the NPV method? multiple choice 1 Project M Project N Both c. Should a firm normally have more confidence in answers derived based on the NPV method or Payback method? multiple choice 2 NPV method