Most Company has an opportunity to invest in one of two new projects. Project Y requires a $340,000 investment for new machinery with a five-year life and no salvage value. Project Z requires a $340,000 investment for new machinery with a four-year life and no salvage value. The two projects yield the following predicted annual results. The company uses straight-line depreciation, and cash flows occur evenly throughout each year. (PV of $1, FV of $1, PVA of $1, and FVA of $1) (Use appropriate factor(s) from the tables provided.) Project Y Project Z Sales $ 355,000 $ 284,000 Expenses Direct materials 49,700 35,500 Direct labor 71,000 42,600 Overhead including depreciation 127,800 127,800 Selling and administrative expenses 25,000 25,000 Total expenses 273,500 230,900 Pretax income 81,500 53,100 Income taxes (30%) 24,450 15,930 Net income $ 57,050 $ 37,170 2. Determine each projects payback period.