Calculate the following two projects' payback period

Year	Panda Project	Peacock Project
0	-450	-450
1	350	100
2	100	350
3	30,000	3

Assume we will accept the project with PP<= 3years.

According to the PP rule, should we accept the Panda project? should we accept the peacock project?

According to the NPV rule, should we accept the Panda project? should we accept the peacock project? (assume a 12% required rate of return)