FoodTech Innovations is deciding between two investment projects with the following net cash flows. The company's required rate of return on investments is 13%. (PV of $1, FV of $1, PVA of $1, and FVA of $1).

Year	Project FoodA	Project FoodB
0	$(600,000)	$(650,000)
1	$170,000	$160,000
2	$210,000	$200,000
3	$250,000	$240,000
4	$290,000	$280,000

a. Calculate the payback period for each project. Which project is preferred based on the payback period?

b. Calculate the net present value for each project. Which project is preferred based on the net present value?