Porter Company is analyzing two potential investments. Project X Initial investment $ 82,240 Project Y $ 68,000 Net cash flow: Year 1 28,000 4,800 Year 2 28,000 30,000 Year 3 28,000 30,000 Year 4 0 22,000 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? Multiple Choice 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.