Coffer Company is analyzing two potential investments. If the company is using the payback period method, and it requires a payback period of three years or less, which project(s) should be selected? Multiple Choice Both X and Y are acceptable projects. Project Y. Neither X nor Y is an acceptable project. Project Y because it has a lower initial investment. Project X. A company is considering the purchase of a new machine for $119,880. Management predicts that the machine can produce sales of $25,500 each year for the next 10 years. Expenses are expected to include direct materials, direct labor, and factory overhead totaling $21,200 per year, including depreciation of $6,800 per year. What is the payback period for the new machine? Multiple Choice 7.90 years. 21.90 years. 10.80 years. 13.90 years. 9.40 years