QUESTION 18 LCO:6 Coffer Co. is analyzing two projects for the future. Assume that only one project can be selected. Project X Project Y Cost of Machine $68,000 $60,000 Net cash flow: Year 1 24,000 4,000 Year 2 24,000 26,000 Year 3 24,000 26,000 Year 4 20,000 if the company is using the payback period method and it requires a payback of three years or less, which project should be selected? Project Y because it has a lower initial investment. Neither X nor Y is an acceptable project. Both X and Y are acceptable projects. Project Y. Project x