Required Informatlon 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 $350,000 Investment for new machinery with a four-year lfe and no salvage value. Project Z requires a $350,000 Investment for new machinery with a three-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 FVA of $1) (Use approprlate factor(s) from the tables provided.) Project Y Project Z $350,000 $280,000 Sales Expenses Direct materials Direct labor Overhead including depreciation Selling and administrative expenses 49,000 35,000 42,000 126,000 126,000 25,000 270,000 228,000 52,000 15,600 $ 56,000 36,400 70,000 25,000 80,000 Total expenses Pretax income Income taxes (30%) Net income 24,000 2. Determine each project's payback period Payback Period Choose Numerator: Choose Denominator: Payback Period ost of investment / Annual net cash flow | = | Payback period Project Y Project Z