Gonzalez Company is considering two new projects with the following net cash flows. The company's required rate of return on investments is $10\%.($PV of $$1,$ FV of $$1,$ PVA of $$1,$ and FVA of $$1)$

Note: Use appropriate factor$($s$)$ from the tables provided.

$\backslash$table$[[,$Net Cash,Flows$],[$Year$,$Project $1,$Project $2,,],[$Initial investment,$$(60,000),$$$(58,000),,],[1.,15,000,35,000,,],[2.,33,300,20,000,,],[3.,19,500,20,000,,]]$

a$.$ Compute payback period for each project. Based on payback period, which project is preferred?

b$.$ Compute net present value for each project. Based on net present value, which project is preferred?

Complete this question by entering your answers in the tabs below.

Required $A$

Compute payback period for each project. Based on payback period, which project is preferred?

Note: Cumulative net cash outflows must be entered with a minus sign. Do not round your intermediate calculations. Round your Payback Period answer to $2$ decimal places.

$\backslash$table$[[\backslash$table$[[$Year$]],$Project $1,$Project $2],[$Net Cash Flows,$\backslash$table$[[$Cumulative Net$],[$Cash Flows$]],\backslash$table$[[$Net Cash$],[$Flows$]],\backslash$table$[[$Cumulative$],[$Net Cash$],[$Flows$]]],[$Initial investment,$(60,000),(60,000),(58,000),\backslash$table$[[$$$,(58,000)$