Lopez Company is considering three alternative investment projects below: Payback period Project 1 4.9 years Project 2 5.4 Years Net present value $ 26,400 $ 33,400 Internal rate of return 13.9% 12.8% Project 3 4.6 Years $ 19,400 12.2% 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