Lopez Company is considering three alternative investment projects below: Payback period Project 1 5.1 years Project 2 5.6 Years Project 3 4.8 Years Net present value $ 26,600 $ 33,600 $ 19,600 Internal rate of return 14.1% 13.0% 12.4% Which project is preferred if management makes its decision based on (a) payback period, (b) net present value, and (c) internal rate of return? a. Payback period b. Net present value c. Internal rate of return Preferred Investment Reason