Milk Company is considering two new projects with the following net cash flows. The companys required rate of return on investments is 10%.

Net Cash Flows
Project 1	Project 2
Initial investment	$(32,000)	$(88,000)
1.	8,000	35,000
2.	22,900	20,000
3.	11,000	44,000

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

Compute net present value for each project. Dased on net present value, which project is preferred? (Round