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. Net Cash Flows Year Project 1 Initial investment $(60,000) 1. 15,000 2. 3. 31,700 19,000 Project 2 $(58,500) 35,000 20,000 17,500 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?