Question 7 Your company is able to invest in either Project X or Project Y. The company's required return is 12%. Assuming no depreciation or taxation, you are required to select either Project X or Project Y. The cost of either project is R22 million. Rm Year 0 Year 1 Year 2 Year 3 Year 4 -25 4 8 10 2 Project X Project Y -25 6 6 9 5 7.1) What is the payback of each project? (2) 7.2) Which of these projects would you select to invest in; based on the calculated payback, motivate your answer. (2)