Problem 12-14 Britney Javelin Company is considering two investments, both of which cost $46,000. The cash flows are as follows: Use Appendix B and Appendix D. Year 1 2 3 Project M $24,000 19,000 16,000 Project N $19,000 23,000 20,000 a. Calculate the payback period for project M and project N. (Round the final answers to 2 decimal places.) Payback period years Project M Project N years b-1. Calculate the NPV for project M and project N. Assume a cost of capital of 8 percent. (Round "PV Factor" to 3 decimal places. Round the intermediate and final answers to the nearest whole dollar.) Project M Project N Net present value $ 5211 $ 7185 b-2. Which of the two projects should be chosen based on the NPV method? O Project M Project N Both C. Should a firm normally have more confidence in answer derived based on NPV method or Payback method? NPV method O Pay back method