Required A Required B 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 Year Net Cash Flows Cumulative Net Net Cash Cumulative Cash Flows Flows Net Cash Flows Initial investment $ (60,000) $ (59,000) Year 1 15,000 10,000 35,000 35,000 Year 2 30,200 15,000 50,000 Year 3 18,500 50.000 Payback period Project 1 Payback period years Project 2 Payback period years Based on payback period, which project is preferred? Required A Required B > value factor to 4 decimals. Rou Net Cash Flows Present Value Factor Present Value of Net Cash Flows Project 1 Year 1 Year 2 Year 3 Totals $ o $ 0 Initial investment $ 0 Net present value Project 2 Year 1 Year 2 Year 3 Totals $ 0 Initial investment Net present value Based on net present value, which project is preferred? $ 0 $ 0