Coffer Company is analyzing two potential Investments. Project X Cost of machine Net cash flow: Year 1 Year 2 Year 3 Year 4 Project Y $ 77,000 $ 55,000 28,000 2,000 28,000 25,000 28,000 25,000 8 20,000 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 Project X Project Y. Project Y because it has a lower initial Investment. Both X and Y are acceptable projects. Neither X nor Y is an acceptable project