Porter Co. is analyzing two potential investments. Project X $68,000 Project Y $60,000 Cost of machine Net cash flow: Year 1 Year 2 Year 3 Year 4 24,000 24,000 24,000 4,000 26,000 26,000 20,000 If the company is using the payback period method and it requires a payback of three years or less, which project(s) should be selected? Project Y. Project X. Both X and Y are acceptable projects. Neither X nor Y is an acceptable project. Project Y because it has a lower initial investment