please help. probably wrong on my part

Year Project 1 Project 2 Initial investment $(34,000) $(86,000) 1. 8,500 35,000 2. 22,000 15,000 3. 12,500 50,000 a. Compute payback period for each project. Based on payback period, which project is preferred? b. Compute net present value for each project. Based on net present value, which project is preferred? Complete this question by entering your answers in the tabs below. Required A Required B Year Compute payback period for each project. Based on payback period, which project is preferred? (Cumulative net cash outflows must be entered with a minus sign. Do not round your intermediate calculations. Round your Payback period answer to 2 decimal places.) Project 1 Project 2 Cumulative Net Net Cash Cumulative Net Cash Flows Cash Flows Net Cash Flows Flows Initial investment $ (34,000) $ (34,000) $ (86,000) $ (86,000) Year 1 8,500 (25,500) 35,000 (51,000) Year 2 22,000 (3,500) 15,000 (36,000) Year 3 12,500 9,000 50,000 14,000 Payback period Project 1 Payback period Project 2 Payback period years Based on payback period, which project is preferred? 0.12 years