Britney Javelin Company is considering two investments, both of which cost $48,000. The cash flows are as follows: Use Appendix B and Appendix D Project M Project IN $26,000 $25,000 2 21,000 21,400 20,000 19,000 Year 1 3 a. Calculate the payback period for project Mand project N. (Round the final answers to 2 decimal places.) Payback period Project M years Project years b-1. Calculate the NPV for project Mand project N. Assunte 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 Project N b-2. Which of the two projects should be chosen based on the NPV method? Project N Project M Both D-2. Which of the two projects should be chosen based on the NPV method? Project N Project M Both c. Should a firm normally have more confidence in answer derived based on NPV method or Payback method? NPV method Pay back method