A company has to decide between projects Q and R. Each project requires a $90,000 initial investment. The expected cash inflows are:

Year	Project Q	Project R
1	$40,000	$30,000
2	$35,000	$40,000
3	$30,000	$35,000
4	$25,000	$30,000

Requirements:

1. Calculate the NPV for each project with a 11% discount rate.
2. Calculate the IRR for each project.
3. Determine the payback period for each project.
4. Decide which project should be accepted if they are independent.