Coca-Cola Company is evaluating two investment projects:

Project X requires an initial investment of $50 million and generates net cash flows of $10 million per year for 6 years.

Project Y requires an initial investment of $80 million and generates net cash flows of $20 million per year for 4 years.

Calculate the payback period and net present value (NPV) for each project using a discount rate of 8%. Based on the analysis, recommend which project Coca-Cola Company should undertake.