Cash Payback Period, Net Present Value Method, and Analysis Elite Apparel Inc. is considering two investment projects. The estimated net cash flows from each project are as follows: Each project requires an investment of $316,000. A rate of 15% has been selected for the net present value analysis. Each project requires an investment of $316,000. A rate of 15% has been selected for the net present value analysis. 1a. Compute the cash payback period for each project. 1b. Compute the net present value. Use the present value of $1 table above. If required, round to the nearest dollar. 2. Because of the timing of the receipt of the net cash flows, the offers a higher