Required Information The following information applies to the questions displayed below] Most Company has an opportunity to invest in one of two new projects. Project Y requires a $330,000 Investment for new machinery with a five-year life and no salvage value. Project Z requires a $330,000 investment for new machinery with a four-year life and no salvage value. The two projects yield the following predicted annual results. The company uses straight-line depreciation, and cash flows occur evenly throughout each year. (PV of $1, FV of $1. PVA of $1, and EVA of $1 (Use appropriate factor(s) from the tables provided.) Project Y Project $365,000 Sales Expenses Direct materials $292,000 36,500 43,800 131,400 26,000 51,100 Direct labor 73,000 131,400 26,000 281,500 83,500 26,720 Overhead including depreciation Selling and administrative expenses Total expenses Pretax income Income taxes (324) 237,700 54,300 17,376 $ 56,780 $36,924 Net income 2. Determine each project's payback period. Payback Period Payback Period Choose Denominator: Choose Numerator: Payback period Project Y Project Z