A company is considering two projects. Project X requires an initial investment of $50,000 and provides cash inflows of $20,000, $30,000, $40,000, and $50,000 at the end of each year for the next four years. Project Y requires an initial investment of $70,000 and provides cash inflows of $25,000, $35,000, $45,000, and $55,000 at the end of each year for the next four years. (a) Compute the payback period for each project. (b) Calculate the NPV for each project using a discount rate of 12%. (c) Determine the IRR for each project. (d) Discuss which project should be chosen if they are mutually exclusive.