Snead Manufacturing Inc. is considering two different projects. The cost of capital for each will be 14%. The projects are independent. Below are the expected after-tax cash flows. Year 0 1 2 3 5 Project X CF -150 40 50 45 30 Project Y CF -205 45 75 60 4 30 60 60 if the stipulated payback period of the company is 3.5 years. Which project, if either, should Snead undertake on the basis of payback period? Project X Project Y Project X and Project Y Neither Project X nor Project Y